An argument supporting promotion of the urban informal sector is
(a) the formal sector is incapable of providing enough employment.
(b) informal sector workers are poorly educated.
(c) it uses a relatively high capital intensity.
(d) it would reduce urban bias.
A
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A rise in the price of a substitute in production for a good leads to
A) an increase in the supply of that good. B) a decrease in the supply of that good. C) no change in the supply of that good; instead there is a change in the quantity supplied. D) a decrease in the quantity of that good supplied. E) no change in either the supply or the quantity supplied of the good.
If you make dinner for yourself,
A) the market value of your dinner is added to GDP. B) your service in preparing the meal is valued at a cook's wage and added to GDP. C) none of what you bought to prepare for dinner is included in GDP. D) only the market value of ingredients that you purchased this year is added to GDP. E) the difference between the cost of the ingredients that you purchased this year and the market value of the dinner is added to GDP.
John loves to travel. He would never turn down the opportunity to go on a trip. This means that, for John:
a. the total utility of travel always increases. b. marginal utility of travel never decreases. c. the law of diminishing marginal utility does not apply to travel. d. marginal utility of travel is always zero. e. extra travel yields zero consumer surplus.
A surplus federal budget in the short run:
a. boosts domestic saving and stimulates aggregate demand. b. dampens aggregate demand but boosts domestic saving. c. reduces national saving and dampens aggregate demand. d. stimulates aggregate demand but reduces national saving.