What are the key characteristics of the agrarian system in Asia that distinguish it from that of Latin America? Explain your answer
What will be an ideal response?
Land fragmentation, greater population density and absentee landlords.
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Refer to Table 5.1. What is Hector's opportunity cost of producing one bracelet?
A) 1/5 of a tiara B) 1.5 tiaras C) 5 tiaras D) 6 tiaras
If a person supplies fewer hours of labor in response to a wage increase, then
A) the substitution effect is greater than the income effect. B) the income effect is greater than the substitution effect. C) the income effect equals the substitution effect. D) the person is not maximizing utility.
Most people buy insurance because they
a. are risk lovers b. enjoy the gamble c. are risk neutral d. want to avoid gambles
Figure 3-13
Refer to . The market for margarine was initially in equilibrium at point e. Other things constant, an increase in the price of soybean oil, an important ingredient used to produce margarine, would likely move the equilibrium in this market toward point
a.
r.
b.
s.
c.
t.
d.
u.