In South Asia and Sub-Saharan Africa, about what share of output is contributed by agriculture?
(a) One tenth.
(b) One fifth.
(c) Two fifths.
(d) One half.
B
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Which factor of production is paid "profit"?
A) entrepreneurship B) human capital C) labor D) land E) capital
The U.S. government restricts the production of peanuts by limiting production licenses. By also prohibiting imports, the government maintains prices well above levels peanut farmers would obtain if supply were not restricted. This program has the same effect as a
A. price ceiling. B. price floor. C. opportunity cost. D. shortage. E. efficiency move.
Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for blu-ray discs. Which panel best describes what happens in this market if there is a substantial increase in the price of blu-ray players?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
Which statement about oligopolies is true?
A. Most oligopolies in the U.S. engage in outright collusion. B. Most oligopolies operate at the minimum point of their ATC curves. C. Most of our GDP is produced by oligopolies. D. Collusion is illegal in the U.S. and does not exist.