Discuss the Corn Laws and their purpose
What will be an ideal response?
The Corn Laws were tariffs, subsidies, and restrictions enacted by the British Parliament in the early nineteenth century to discourage imports and encourage exports of grain.
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If immigration increases the productivity of domestic workers, then it:
A. Decreases the return on capital B. Means that immigrant workers and domestic workers are substitutes C. Means that immigrant workers are entering low-wage occupations D. Increases the return on capital
If pork and beans is an inferior good, other things being equal, an increase in consumer income will decrease the demand for pork and beans
a. True b. False Indicate whether the statement is true or false
Because the demand for wheat tends to be inelastic, the development of a new, more productive hybrid wheat would tend to
a. increase the total revenue of wheat farmers.
b. decrease the total revenue of wheat farmers.
c. decrease the demand for wheat.
d. decrease the supply of wheat.
In the above table, if the marginal factor cost is $200, how many workers would be hired?
A. 5 B. 6 C. 3 D. 4