What are the primary determinants of agricultural labor productivity?
What will be an ideal response?
See the section on the economics of agricultural development.
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An increase in demand causes equilibrium price and quantity to rise, other things constant.
Answer the following statement true (T) or false (F)
Today black and Hispanic Americans have poverty rates:
A. three times as high as white Americans. B. four times as high as white Americans. C. twice as high as white Americans. D. half as high as white Americans.
Suppose the price elasticity of demand for Good A is 2.4 and the price elasticity of demand for Good B is 1.2. Which of the following statements is consistent with these values?
A. Good A is a luxury and Good B is a necessity. B. Good A is a good several days after a price increase while Good B is that same good several years after the price increase. C. Good A is ice cream and Good B is mint chocolate chip ice cream. D. Good A is salt and Good B is college tuition.
Suppose that the elasticity of demand for a product is 0.5 and price decreases by 20%. By what percentage will quantity demanded increase?
A. 0.5% B. 5% C. 10% D. 40%