The shift of labor out of agriculture to industry in the United States has tended to:
A. Reduce the rate of productivity growth
B. Increase unemployment in the agriculture sector
C. Reduce unemployment in the industrial sector
D. Increase labor productivity
D. Increase labor productivity
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If the demand curve is a downward sloping straight line, the price elasticity of demand always
A) increases as the demand curve shifts rightward. B) increases as the demand curve shifts leftward. C) increases with movements upward along the demand curve. D) decreases with movements upward along the demand curve.
The net worth of a bank
A. determines the level of bank loans possible. B. is determined by subtracting liabilities from assets. C. is determined by subtracting assets from liabilities. D. can never be a negative value.
The demand for a good is inelastic with respect to price if the price elasticity of demand is:
A. less than one. B. greater than one. C. equal to one. D. equal to negative one.
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In the market shown in Exhibit 3-15, the equilibrium price and quantity of good X are:
A. $0.50, 250. B. $2.00, 300. C. $2.00, 100. D. $1.00, 200.