More than half of the labor force in developing countries is devoted to agriculture, and about 3/4 of output in these countries comes from agriculture
Indicate whether the statement is true or false
false
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In 2012 Nike reduced the price of its running shoes by 20 percent. As a result, the substitution effect caused
A) the demand for Nike shoes to increase. B) people to switch from Adidas shoes and buy more Nikes. C) the relative price of Nikes to increase. D) the demand curve for Nikes to shift rightward.
The above figure shows the payoff matrix facing an incumbent firm and a potential entrant. Assuming a fixed cost of entry, the outcome will be that the incumbent
A) deters entry. B) chooses the Stackelberg leader level of output but the potential entrant does not enter anyway. C) chooses the Stackelberg leader level of output and the potential entrant enters. D) deters entry and earns zero profit.
Manufacturers of packaged foods are not required to list nutritional contents on their labels
Indicate whether the statement is true or false
In Karl Marx's view, people under the ideal state of communism would be motivated by the principle "from each according to his ability, to each according to his enterprise."
a. True b. False Indicate whether the statement is true or false