The average value added per U.S. farm worker is about __________ times that of farm workers in low- and middle-income countries
a. one half
b. one
c. ten
d. seventy-five
e. five hundred
D
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Market equilibrium
i. can never occur because there are always people who want a good but cannot afford it. ii. occurs at the intersection of the supply and demand curves. iii. is the point where the price equals the quantity. A) ii and iii B) i only C) ii only D) i and ii E) iii only
"Expansionary fiscal policy is needed to increase Real GDP --- at least in the short run." The economist who said this most likely believes that
A) the tax multiplier is larger than the government spending multiplier. B) the AS curve is vertical. C) there will be a great deal of crowding out connected with a rise in government spending. D) the AS curve is upward-sloping. E) c and d
According to the following figure, demand is unitary elastic at P = $________.
A. 20 B. 10 C. 25 D. 15 E. 5
Oil is an example of a renewable resource
a. True b. False