In the poorest nations, agriculture is likely to contribute as much as ________ percent to total output.
A. 30
B. 55
C. 85
D. 10
Answer: B
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In general, an increase in the price of a good:
A. will cause the substitution effect to be bigger than the income effect. B. will cause the income effect to be bigger than the substitution effect. C. will cause both an income and substitution effect. D. usually will have no effect.
If a firm is hiring in a perfectly competitive labor market, the firm's marginal labor cost (or marginal resource cost) curve slopes downward
a. True b. False
An expansionary gap generally creates inflationary pressure in an economy
a. True b. False Indicate whether the statement is true or false
Who of the following would be counted as unemployed in Canada?
A) Vik, who has been staying at home watching "The Old and the Boring" soap opera, and not searching since he was laid off at the flour mill. B) James, who is a full-time student looking for a part-time job. C) Emmanuel, who lost his job at the steel plant when an automated assembly line was introduced six months ago, and has been job searching every day. D) Caitlin, who is 14 years old, and looking for a babysitting job. E) Youngmin, who is a part-time hamburger flipper looking for a full-time job.