Describe the state of affairs in the developing world concerning social overhead capital?
What will be an ideal response?
Developing countries are often burdened by inadequate social overhead capital, ranging from poor public health and sanitation facilities to inadequate roads, telephones, and court systems. Such social overhead capital is often expensive to provide, and many governments are not in a position to undertake many useful projects because they are too costly.
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If the production of soybeans is subsidized by the government,
A) the demand for soybeans will increase. B) the farmer's cost of producing soybeans will decrease. C) the supply of soybeans will decrease. D) all of the above will occur. E) none of the above will occur.
If the substitution effect of a wage increase dominates the income effect, the labor supply curve has a positive slope
Indicate whether the statement is true or false
If a significant portion of firms in the economy does NOT immediately adjust product prices, then the short-run aggregate supply curve
A. slopes downward. B. is vertical. C. is horizontal. D. slopes upward.
The process of making choices in increments by evaluating the additional, marginal, benefit against the additional, or marginal, ost of an action is called?
A. A logical choice B. accepted decision making C. marginal decision making D. active decision making