Advances in productivity per acre can harm farmers by
a. reducing the uses for their farm goods
b. increasing the price of farm goods, thereby reducing incomes
c. increasing supply, thereby reducing farm prices and incomes
d. increasing the demand for their goods so that consumers are priced out of the market
e. decreasing the number of acres cultivated per farm
C
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Suppose 30 employee-hours can produce 50 units of output. Assuming the law of diminishing marginal returns is present, to produce 100 units of output would require:
A. an additional 30 employee-hours. B. more than 30 additional employee-hours. C. fewer than 30 additional employee-hours. D. a total of 60 or fewer employee-hours.
Private saving + Government saving equals ________
A) Taxes + Investment B) Output minus Consumption C) Government capital + human capital D) Investment + Net exports
The welders' union at Ajax is on strike. The maintenance union has decided to walk out in support of the welders' union. This is known as
A) a closed shop. B) a union shop. C) a sympathy strike. D) a secondary boycott.
Certain religious texts prohibit charging interest to people who borrow. This is a form of
a. minimum pricing b. rationing c. target pricing d. price ceiling e. price floor