It once took 90 percent of our population to grow our food. It now takes only 3 percent of the population to grow our food. Which of the following statements is true?
a. This loss of jobs has been detrimental to our economy.
b. The government should provide subsidies to encourage more people to become farmers.
c. The reduction in the number of farmers explains the increase in the price of food.
d. This is progress because freed-up labor is used to produce other goods.
d
Economics
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Which of the following purchases is most likely to rise as the result of a temporary tax cut, according to the permanent-income hypothesis?
A) television sets and other consumer durables B) steak dinners and other consumer non-durables C) trips to the Virgin Islands and other vacation destinations D) theater tickets and other entertainment expenditures
Economics
Explain the determinants of aggregate private spending
What will be an ideal response?
Economics