If Sam, a farmer in 1963, finds that he needs two bushels of corn to buy what his grandfather bought with one bushel during the 1910–1914 benchmark period, then
a. Sam is twice as well off in 1963 than his grandfather was
b. farm productivity has declined by half over this period
c. the equilibrium price of corn has obviously doubled
d. a price floor that doubles the 1963 market price creates full parity in 1963
e. Sam will have to leave the farm
D
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An implication of the return-to-entrepreneurship curve is that:
A) for a relatively lower return, there will be more entrepreneurs with at least that return. B) all entrepreneurs in an economy with inclusive institutions have exactly the same return. C) all entrepreneurs in an economy with extractive institutions have exactly the same return. D) for a relatively lower return, there will be fewer entrepreneurs with at least that return.
The expenditure multiplier is typically
A) equal to 1. B) greater than 1. C) negative. D) less than 1 but greater than 0. E) greater than 10.
Since the 1970s, the percentage of total income earned by the poorest 20 percent of American families has fallen
a. True b. False Indicate whether the statement is true or false
Which of the following would be an example of a public good?
A. A candy bar. B. A painting by Monet. C. A taxi cab. D. A sunset.