One of the problems with Lewis' concept of surplus labor is that
a. People who look like they are not working actually are achieving important development objectives.
b. Productivity in subsistence agriculture is so low that all workers are constantly needed.
c. Those no longer needed in agriculture have long ago left for the cities.
d. Those whose labor is not needed at one time may be needed at other times.
e. Surplus labor exists only in developed country agriculture.
D
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If the interest rate is 5 percent, what is the present value of $100 that will be received 3 years from now?
A) $90.70 B) $86.38 C) $115.00 D) $13.62
A pricing strategy that requires consumers pay an up-front fee plus an additional fee for each unit of product purchased is a
A) tying contract. B) two-part tariff. C) form of perfect price discrimination. D) none of these.