A variable (price or quantity) that cannot be predicted with any certainty is said to be ______.
a. positive
b. stable
c. negative
d. indeterminate
d. indeterminate
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An auction of the leases to drill for natural gas on about 55,000 acres on the Roan Plateau in western Colorado in August 2008 generated nearly $114 million, a record high for onshore energy lease sales in the lower 48 states
What is going on in the rental market for land? A) There is a decrease in the value of marginal product for an acre on the Roan Plateau, leading to an increase in the equilibrium rental rate. B) There is an increase in the value of marginal product for an acre on the Roan Plateau, leading to a decrease in the equilibrium rental rate. C) There is an increase in the supply of acreage on the Roan Plateau, leading to an increase in the equilibrium rental rate. D) There is an increase in the value of marginal product for an acre on the Roan Plateau, leading to an increase in the equilibrium rental rate.
When the free rider problem is present in a market the good:
A. will be oversupplied. B. will be under consumed. C. is rival in consumption. D. is not excludable.
The convergence theory states that:
A. rich countries tend to leapfrog ahead maintaining the gap in global development. B. poor countries tend to converge together and stagnate. C. poorer countries will grow faster than rich ones. D. rich countries will grow faster than poor ones.
Suppose that U.S. firms outsource computer manufacturing jobs to China, it is expected that
A) the wage rate for workers manufacturing computers will decrease in the U.S. but increase in China. B) the wage rate for workers manufacturing computers will increase in the U.S. but decrease in China. C) the wage rate for workers manufacturing computers will increase in both the U.S. and China. D) the wage rate for workers manufacturing computers will decrease in both the U.S. and China.