Permanent resource price differentials are caused by
a. differences in resource quality
b. differences in the time and training required to perform the job
c. differences in nonmonetary aspects of the job
d. a lack of resource mobility
e. all of the above
A
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In a period of rapid, unexpected inflation, resources can be lost
A) when firms invest in research and development instead of forecasting inflation. B) when firms use resources to forecast inflation. C) because rapid inflation almost always turns into a hyperinflation. D) Both answers B and C are correct.
If the price of diamonds is expected to decrease, all else equal, then the demand for diamonds ________ and the demand for platinum ________
A) decreases; increases B) decreases; decreases C) increases; increases D) increases; decreases
If the structural deficit is $750 billion and the cyclical deficit is $150 billion, it follows that the __________ is __________ billion
A) public debt; $900 B) total budget deficit; $600 C) total budget deficit; $900 D) net public debt; $600 E) none of the above
Name a country mentioned in class that today is experiencing hyperinflation
a. Germany b. China c. Venezuela d. Honduras