Why is successful agricultural development particularly important in a poor country?
What will be an ideal response?
Students may respond by pointing to three or four of the specific contributions mentioned in the book, or argue more generally that the sector's large share of the population means that failure there will hurt most of the people, and the cost of importing food will be significant.
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Answer the following statements true (T) or false (F)
1. As output increases, marginal cost increases, reaches a maximum, and then falls. 2. So long as marginal cost is rising, average variable cost must rise. 3. The principle of diminishing marginal returns is applicable only to the use of labor as a productive resource. 4. The principle of diminishing marginal returns says that as more and more units of a variable resource are added to a set of fixed resources, the resulting additions to output will become increasingly smaller and, eventually, larger. 5. The major factor accounting for dis economies of scale is management inefficiency.
How long is the "short-run" time period in the economic analysis of the market?
A) three months or one business quarter B) total time in which sellers already in the market respond to changes in demand and equilibrium price C) total amount of time it takes new sellers to enter the market D) total amount of time it takes original sellers to leave the market
Which of the following exchanges handles numerous technology companies including Intel and Microsoft?
A. NASDAQ B. NYSE C. AMEX D. None of the above handle technology stocks.
European governments accepted prolonged periods of unemployment in the 1990s in order to reduce inflation
a. True b. False Indicate whether the statement is true or false