Sharecropping can be best understood as
(a) a type of agreement preferred by peasants.
(b) a type of agreement preferred by landlords.
(c) a compromise between peasant and landlord preferences.
(d) a type of agreement preferred by neither but given by tradition.
C
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The above figure shows supply and demand curves for milk. If the government passes a $2 per gallon specific tax, the loss in social welfare will equal
A) b + c + f + g. B) f + g. C) b + f. D) c + g.
Why is the market supply curve of labor positively sloped though individual supply curves are backward-bending beyond a certain wage rate?
a. People tend to work less when wage rate increases. b. Every individual laborer has equal trade offs between labor and leisure. c. People tend to substitute labor for leisure. d. People work more for the fear of losing their jobs and becoming unemployed. e. All the individual supply curves do not bend backward at one particular wage rate.
There is no correlation between more years of schooling and increased earnings.
A. True B. False C. Uncertain
If a good has an income elasticity of demand greater than 1, one might classify that good as
A) a necessity. B) a luxury. C) unusual. D) inelastic.