Which of the following is an assumption of the Lewis two-sector model?
a. surplus labor in the rural sector
b. high unemployment in the urban modern sector
c. rising real urban wages
d. rising marginal product of labor in the rural sector
A
Economics
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If a 20 percent decrease in the price of a good leads to a 15 percent increase in the quantity demanded, then demand is ________ and total revenue will ________ as a result of the fall in price
A) elastic; increase B) elastic; decrease C) inelastic; increase D) inelastic; decrease
Economics
Persons who choose not to become informed on political and governmental matters because they feel that the costs of becoming informed exceed the benefits of becoming informed are
A) rationally ignorant. B) not acting in their own best interests. C) members of special interest groups. D) shortsighted.
Economics