Kendra’s country is known for its fruit products, but before the fresh fruit can be made into candies, jams, and juices, a lot is lost due to pests, weather, and damage during shipping. Recently, however, researchers discovered a better way to transport the fruit that cut down on waste by 11 percent. This is an example of ______
a. an increase in productivity
b. a rise in the standard of living
c. sustained economic growth
d. diminishing marginal returns
a. an increase in productivity
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For a normal good, the income and substitution effect work in the same direction. For an inferior good, the income and substitution effects work in opposite directions
Does this imply that the demand curve for an inferior good is upward sloping? Explain.
Slaves were only used in Southern agriculture
Indicate whether the statement is true or false
Which of the following is correct? The natural rate of unemployment
a. is a zero unemployment rate. b. has been steady at 3 percent over the past decade. c. is defined by Friedman as that rate of unemployment "in which everyone who wants a job can have a job." d. is the unemployment rate that exists in the long-run. e. None of the above
Under perfect competition, the per unit revenue of a firm is equal to its marginal revenue
a. True b. False Indicate whether the statement is true or false