Which of the following is not characteristic of U.S. agriculture?
A. Productivity has been increasing more slowly in agriculture than in the rest of the economy.
B. The demand for agricultural commodities increases less than proportionate to increases in
income.
C. Resources in agriculture are relatively immobile.
D. Demand is inelastic with respect to price.
Answer: A
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Long-distance travel by bus is an inferior good. As people's incomes increase and other things remain the same, you predict that the
A) price of long-distance travel by bus will fall and the demand for long-distance travel by bus will increase. B) price of long-distance travel by bus will fall. C) demand for long-distance travel by bus will decrease and the price will rise. D) demand for long-distance travel by bus will increase as the price of long-distance travel by bus falls.
The host country has more reasons to restrict foreign direct investment than does the home country.
Answer the following statement true (T) or false (F)
Decreases in the stock of capital will lead to:
A. increases in wages and total GDP. B. decreases in wages and increases in GDP. C. increases in wages and decreases in GDP. D. decreases in wages and GDP.
Describe the relationship between marginal productivity and average productivity. Use calculus or a graph to support your answer
What will be an ideal response?