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1. Explain the following terms: subsistence farming, shifting cultivation, Latifundios and minifundios.
2. How would you define ‘land Gini'? Explain why land Gini is so much higher in Latin America, compared to Asia.
3. Distinguish between a tenant farmer and a sharecropper. Whose exposure to risk is greater and why?
4. The graph, drawn above, shows the average product of labor and the marginal product of labor applied on a fixed resource, like land. Explain why the resource is overused (Lc labor units are applied on the resource), if it is a common property but it is properly used (L* labor units are applied on the resource), if it is privately owned.
An increase in each of the following factors would normally provide a subsequent increase in demand, except: Which of the following statements concerning the price elasticity of demand is (are) true? Given the marginal revenue from a product is $15 a..
What type of person becomes this type of risk taker - What challenges did he or she face and overcome?
Begin by explaining fiscal policy.
Under what circumstances would investment grants be available for the construction of a theme park? What is cost-benefit analysis and why is it sometimes difficult to calculate?
david wants to buy a machine for his firm. he expects to incur the maintenance cost of 500 at the end of the 1st year
Why do public goods demonstrate the limitations of a free market economy. they allow consumers to make all of the economic decisions or else.
Take a small company to be established and construct a cost revenue analysis to see how feasible the project could be? Divide your cost of production into fixed and variable cost. Calculate the price that you think will make the business break eve..
Presume you make an annual contribution of $10,000 to your savings account at the end of each year for 8 years. If the account earns 6 percent interest annually, how much can be withdrawn at the end of 8 years?
What is a Cartel? Is Cartel good for our economy?
Marginal revenue product is defined as the change in total revenue that results from the employment of an additional unit of a resource. A producer wishes to determine how the addition of pounds of plastic will affect its MRP and profits. See the tab..
The price of apple juice decreases, and the wage rate paid to orange grove workers increases-equilibrium price_________equilibrium quantity________
Last year, the United States imported approximately $100 billion worth of oil. Many people believe we should simply stop importing all oil (about half of our domestic consumption). One argument in favor of this is that this oil is only about 1%
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