Which of the following is likely to cause market failure and be undersupplied?
A. River water
B. Research
C. Orange juice
D. Grazing pasture
Answer: B
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If the exchange rate falls from 120 yen per dollar to 100 yen per dollar, the dollar has ________ and the yen has ________
A) depreciated; appreciated B) appreciated; depreciated C) depreciated; depreciated D) appreciated; appreciated
The second phase of the industrial revolution first took place in ______ (a country) in the _______ (decade).
Fill in the blank(s) with the appropriate word(s).
Assuming the Fisher Effect holds, and given U.S. tax laws, an increase in inflation
a. increases the real interest rate and the after-tax real rate of interest. b. increases the real interest rate and the after-tax real rate of interest. c. does not change the real interest rate but raises the after tax real rate of interest. d. does not change the real interest rate but reduces the after-tax real rate of interest.
A headline states: "Real GDP falls again as the economy slumps." This condition is most likely to produce what type of unemployment?
A. Structural B. Cyclical C. Frictional D. Natural