Why is successful agricultural development particularly important in a poor country?
What will be an ideal response?
Students may respond by pointing to three or four of the specific contributions mentioned in the book, or argue more generally that the sector's large share of the population means that failure there will hurt most of the people, and the cost of importing food will be significant.
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Suppose an economy experiences a permanent increase in its expected inflation rate. As a result, there is
A) a downward shift of the short-run Phillips curve. B) a downward movement along the short-run Phillips curve. C) an upward movement along the short-run Phillips curve. D) no change at all to the short-run Phillips curve. E) an upward shift of the short-run Phillips curve.
Surplus value that is lost because something is keeping the market from functioning as well as it can is called
A) a tax. B) a subsidy. C) rent seeking. D) deadweight loss.