A field experiment conducted by economists in the Chinese province of Hunan provided evidence that, for poor households in that province, rice is a __________ good
Fill in the blank(s) with correct word
Giffen
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Use the figure below to answer the following question.
An increase in price, all else held constant, would cause a change from
A. point 4 to point 5. B. point 1 to point 3. C. point 3 to point 4. D. point 5 to point 1.
If real GDP increases we know for sure that
A) prices have risen but output has remained constant. B) output has risen. C) prices have remained constant. D) prices have risen.
A monopolist hiring labor in a perfectly competitive resource market is faced with a:
a. perfectly elastic demand curve for labor. b. horizontal marginal factor cost curve. c. perfectly inelastic demand curve for labor. d. vertical supply curve of labor. e. positively sloped marginal factor cost curve.
What is one of the biggest benefits of trade that is hard to measure?
a. the transfer of goods from rich countries to poor countries b. the transfer of knowledge from poor countries to rich countries c. the transfer of knowledge from rich countries to poor countries d. the transfer of goods from poor countries to rich countries