Currently (2009) farm employment is about:
A. 15.8 percent of total employment.
B. 9.4 percent of total employment.
C. 1.1 percent of total employment.
D. 1.8 percent of total employment.
Answer: C
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If the supply of health-care services is highly inelastic and larger government subsidies lead to an increase in the demand for the services,
a. the prices of health-care services will rise by only a small amount, but the quantity supplied will increase substantially. b. the prices of health-care services will rise substantially, but the quantity supplied will increase by only a small amount. c. both health-care prices and the quantity of the services supplied will increase substantially. d. the prices of health-care services will decline, but there will be only a small change in the quantity supplied.
The marginal rate of technical substitution is the ratio of
A. labor to the price of labor. B. the marginal product of labor to the marginal product of capital. C. capital to labor. D. capital to the price of capital.