In which of these developing regions has food production per capita steadily fallen over the last quarter century?
(a) Africa.
(b) East Asia.
(c) South Asia.
(d) Latin America.
A
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When tax revenues exceed the government's outlays, the budget
A) has a surplus and the national debt is decreasing. B) is balanced and the national debt is decreasing. C) has a deficit and the national debt is increasing. D) has a surplus and the national debt is increasing. E) None of the above because by law tax revenue cannot exceed the government's expenditures.
If an industry introduces a labor-saving technology in production, the demand curve for labor in that industry is likely to:
A) shift to the left. B) shift to the right. C) become vertical. D) become horizontal.
The fact that the firms in an oligopoly are mutually interdependent means that each firm:
A) must consider the reactions of its competitors when it sets the price for its output. B) produces a product that is similar, but not identical, to the products of its competitors. C) produces a product that is identical to the products of its competitors. D) faces a perfectly elastic demand curve for its product.
In the long run, there appears to be:
a. A clear and unequivocal tradeoff between inflation and unemployment. b. No clear and unequivocal tradeoff between inflation and changes in a nation's nominal exchange rate. c. A clear and unequivocal tradeoff between inflation and employment. d. No clear and unequivocal tradeoff between inflation and changes in a nation's unemployment. e. None of the above.