State and explain three [or some other number chosen by the instructor] reasons why the scope for further expansion of developing country commodity exports is likely to be limited
What will be an ideal response?
(a. development of further synthetic substitutes, (b) continued agricultural protection in developed countries, (c) the developing country's desire for agricultural self-sufficiency, (d) low income elasticities for these products. (e) instability of export earnings.
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The supply of oil is more elastic than the demand for oil. If oil is taxed $10 per barrel, how will the tax be divided between the buyer and seller?
A) The seller will pay more of the tax than the buyer pays. B) The buyer will pay more of the tax than the seller pays. C) The seller and buyer will split the tax evenly. D) The seller will pay the entire tax. E) The buyer will pay the entire tax.
An increase in the minimum wage to $15 per hour would lead to
A) an increase in search activity for many workers. B) a decrease in search activity for many workers. C) a decrease in unemployment. D) no change in unemployment. E) no change in employment.