State and explain three [or some other number chosen by the instructor] reasons why the scope for further expansion of developing country commodity exports is likely to be limited
What will be an ideal response?
(a. development of further synthetic substitutes, (b) continued agricultural protection in developed countries, (c) the developing country's desire for agricultural self-sufficiency, (d) low income elasticities for these products. (e) instability of export earnings.
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In a market economy, society relies on the self-interest of individuals to determine what, how, and for whom to produce.
Answer the following statement true (T) or false (F)
Keynes believed that abrupt changes in spending behavior
A. Move the economy to full employment. B. Lead to responses by market participants that may make the market outcome worse. C. Have no effect on the economy. D. Help stabilize the economy.
Answer the following statement true (T) or false (F)
1) Demand is the active and supply the passive determinant of land rent. 2) Different rents on land reflect differences in the marginal revenue product of land. 3) The free-land era of U.S. history reflected a situation in which the quantity of land available at a zero price exceeded the quantity of land demanded. 4) Rent performs an incentive function, but no rationing function. 5) The interest rate is the price paid for the use of money.
Table 10.2Table 10.2 contains price, demand, and cost data for the Capri Theater, the only first-run movie theater in a small town. What is its revenue from students under the single price policy?
A. $150 B. $180 C. $450 D. $540