Large scale family farms represent about 10% of all farms and produce:
a. Over half of the value of farm production
b. About 10% of the value of production
c. Less than 10% of the value of production
d. About 20% of the value of production
a. Over half of the value of farm production
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The central idea behind comparative advantage is that a nation should
A. specialize in the product that it can produce with the lowest opportunity cost. B. compare its market economy with other nations. C. use money as a medium of exchange to facilitate specialization and trade. D. pursue investment in capital goods as a means of stimulating economic growth.
Mark has a two-year wage contract with his employer. Mark's wage contract specifies a $50,000 salary for the first year, and specifies a salary increase equal to the percentage increase in the CPI during the second year
The percentage increase in the CPI during the year was 4.0 percentage points. If the CPI overstates inflation by 1.0 percentage point, at the end of the first year Mark's salary increased by ________ more than it would have without the upward bias. A) $500 B) $50 C) $3000 D) $1500 E) $2000
Some economists say that "full employment" exists in an economy when:
a. cyclical unemployment is 2 percent. b. cyclical unemployment is 4 to 6 percent. c. frictional unemployment is zero. d. the unemployment rate is 4 to 7 percent. e. the natural unemployment rate is zero.
Economics is an empirical science, which means that economists
A) look at evidence to see whether or not the model is applicable. B) test their models by utilizing unknown variables. C) do only laboratory experiments. D) refuse to test their models since the usefulness of a model is determined by whether it is logical or not.