Farm share of U.S. GDP has:
A. declined from about 12 percent in 1950 to 1 percent today.
B. declined from about 12 percent in 1950 to 7 percent today.
C. declined from about 7 percent in 1950 to 1 percent today.
D. remained relatively stable over the past 50 years.
Answer: C
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A firm's fixed cost divided by its level of output is equal to its:
A. variable cost. B. start-up cost. C. explicit cost. D. average fixed cost.
Milton Friedman and Edmund Phelps ______ of the Phillips curve.
a. questioned the short-term validity b. questioned the long-term validity c. proved the basic principle d. created the general concept
All of the following statements regarding offshoring are true except _____________
A. Offshoring is limited to low-skill jobs B. Art director and animal scientist jobs are low in susceptibility to offshoring. C. Medial transcriptionists and proof-readers are high in susceptibility to offshoring. D. Labor costs and proximity to customers affect offshoring decisions.
Which of the following is related to the additional revenues business owners expect to enjoy as a result of hiring the employee?
A. the wages for Wendy Peffercorn, a cashier at the Piggly Wiggly B. the salary of Dallas Mavericks' player Dirk Nowitski C. the signing bonus for Saul Goodman, a new attorney at the Hamlin, Hamlin, and McGill law firm D. All of the above are correct.