The cost of production on the "bottom forty" is $100,000 for a given size crop. On the "north forty," due to erosion of the soil, the cost is $150,000 . If both are being farmed by tenants, we would expect the rent on the "bottom forty" to be
a. $50,000 below the rent on the north forty.
b. $50,000 above the rent on the north forty.
c. different from that on the north forty by an indeterminable amount.
d. $50,000 . and the rent on the north forty is $50,000.
b
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Juan recently lost his job as a travel agent, which he has had for 20 years, because the demand for his services has fallen over time as more and more people book their vacations online
Unfortunately, Juan has not been able to find a new job because he lacks the skills needed to get hired in other industries where job growth is occurring. Juan is considered to be A) structurally unemployed. B) frictionally unemployed. C) cyclically unemployed. D) a marginally attached worker. E) not in the labor force.
Borrowing from abroad represents:
A) a capital outflow. B) a capital inflow. C) positive net savings. D) none of the above.
Which of the following represent the Federal Reserve's most important responsibilities?
a. Supervise and regulate banks. b. Issuing paper currency. c. Printing paper currency. d. Both (a) and (b) e. Deciding the maximum rate banks can charge for loans.
Susie grows corn in her backyard garden to feed her family. The corn she grows is not counted in GDP because
a. it was not produced for the marketplace b. it is an intermediate good that Susie will process further before feeding her family c. goods produced using land are not included in GDP d. the corn has low value e. it reduces the amount of corn she will buy at the store