In 1980, in order to stimulate agricultural production, Fidel Castro allowed Cuban farmers to sell their goods directly to consumers and keep whatever profit they made. Some farmers were earning $50,000 per year, compared with the average worker income of $2,400 . The workers resented this. Castro denounced the farmers as "capitalist gangsters" and closed the free markets. Cuban cash income
declined five percent and fresh vegetables were in short supply. This illustrates the economic concept of the
a. law of comparative advantage.
b. equality-efficiency trade-off.
c. cost disease of the service sector.
d. unemployment-inflation trade-off.
e. All of the above are correct.
b
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Unlike previous and future wars, the United States' federal government did not need to impose an income tax to finance the Civil War (1861–1865)
Indicate whether the statement is true or false
If the short run elasticity of demand for widgets is 0.4 and the long run elasticity of demand for widgets is 0.95, an increase in price will ____ total revenue in the short run and ____ total revenue in the long run. a. Increase; increase
b. Increase; decrease. c. Decrease; increase. d. Decrease; decrease.
Which of the following occurs when an employer refuses to hire a qualified individual due to the job applicant’s race, gender, or religion?
a. Discrimination b. Cognitive bias c. Affirmative action d. Racial profiling
Which economist argued that free markets unleashed the "animal spirits" of entrepreneurs, propelling innovation, technology, and growth?
A. Irving Fisher. B. Lord Kelvin. C. John Maynard Keynes. D. Kenneth Olsen.