Which of the following is not an important contribution of the agricultural sector to overall development:
a. increasing national food supplies
b. permitting foreign exchange earnings through imports
c. allowing excess labor to flow to urban areas
d. providing savings for industrial investment
e. increasing the demand for manufactured goods
g. All of the above are important contributions.
G
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Which of the following pairs of goods would most likely exhibit a cross price elasticity of 2.2?
a. hamburgers and fries b. peanut butter and jelly c. butter and margarine d. tennis balls and tennis rackets
If the quantity of bonds demanded exceeds the quantity of bonds supplied, bond prices:
A. will rise and yields would increase. B. would fall and yields would increase. C. will rise and yields will remain constant. D. would rise and yields would fall.
In the long run in a monopolistically competitive market, a firm will, in theory,
A) earn economic profits. B) suffer losses. C) break even. D) earn zero accounting profits.
Before deregulation of the telephone industry,
A. Cutthroat competition eliminated profits. B. Telephone service prices were lower than after deregulation. C. There were greater variety and quality of service than after deregulation. D. The volume of long distance phone use was lower than after deregulation.