Natural resources:
A. include lakes, mineral deposits, forests, and so on.
B. are production inputs that come from the earth.
C. can be split into two categories: renewable or nonrenewable.
D. All of these are true statements.
Answer: D
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Thurman is a writer who works from his home. Thurman lives next door to Phil, the drummer for a local band. Phil needs a lot of practice to earn $250, which is his share of the band's profit. Thurman gets distracted by Phil's drumming but he needs to get his writing done to earn $500 for his current article. Which of the following is an efficient solution?
a. Phil offers Thurman $499 to allow Phil to continue drumming. Thurman accepts and both are better off. b. Phil offers Thurman $249 to allow Phil to continue drumming. Thurman accepts and both are better off. c. Thurman offers Phil $251 to stop practicing his drumming. Phil agrees and both are better off. d. Thurman offers Phil $501 to stop practicing his drumming. Phil agrees and both are better off.
Do policy makers know the exact value of the fiscal multiplier?
A. No, economists have almost no idea of the value of fiscal multipliers. B. No, they are not known with complete accuracy. C. Yes, economists know the precise value of the multiplier. D. Yes, although there is a very small range of uncertainty in the value.
Gretchen expects the price level to rise from 104 this year to 108 next year, and she is able to incorporate these expectations into her wage contract. If the price level rises to 106 next year instead of 108, which of the following will occur?
A) Gretchen's real wage will be unchanged. B) Gretchen's real wage may rise or fall, depending on the unemployment rate. C) Gretchen's real wage will fall. D) Gretchen's real wage will rise.
If price is initially above the equilibrium level
A) the supply curve will shift rightward. B) the supply curve will shift leftward. C) excess supply exists. D) all firms can sell as much as they want.