What is a location rent? Give an example of a location rent
Location rents are returns that are due to the location of a piece of property. An acre near a new interstate interchange is worth more than an acre of land in the Sonora desert. An example of high location rents would be beachfront property. There could be many good examples given in response to this question.
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Central banks intervene in the foreign exchange market
A) to smooth out currency fluctuations. B) to facilitate the transfer of goods and services internationally. C) to conduct foreign exchange operations for central governments. D) All of the above.
Official unemployment statistics in the United States are derived from a monthly government survey of approximately ________ households
A) 300 B) 2000 C) 60,000 D) 420,000
In the long run, a monopolistic competitor: a. earns a normal rate of return
b. sells a level of output at which marginal revenue is less than price. c. sells a level of output at which marginal revenue equals marginal cost. d. is characterized by all of the above.
Exports from the United States (as a percentage of GDP) have
A. remained constant for the last 50 years. B. increased from 1960 to 1980 but has been steady since. C. increased over the last 50 years. D. decreased over the last 50 years.