The establishment of well-defined property rights increases:
A. the unemployment rate.
B. the amount of pollution.
C. average labor productivity.
D. the labor force participation rate.
Answer: C
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From the economic point of view, profit is
A) a four-letter word. B) the same as loss. C) the result of uncertainty. D) a sign of economic injustice. E) none of the above.
Most canals were economic failures
Indicate whether the statement is true or false
A Big Mac in Japan costs 400 yen while it costs $4.50 in the U.S.. The nominal exchange rate is 100 yen per dollar. Which of the following would both make the real exchange rate move towards purchasing-power parity?
a. the price of Big Macs in the U.S. falls, the nominal exchange rate falls b. the price of Big Macs in the U.S. falls, the nominal exchange rate rises c. the price of Big Macs in the U.S. rises, the nominal exchange rate falls d. the price of Big Macs in the U.S. rises, the nominal exchange rate rises
Exhibit 14-1 Aggregate supply curve
?
In Exhibit 14-1, there are plenty of idle resources and no upward pressure on prices in:
A. the segment labeled ab. B. the segment labeled bc. C. the segment labeled cd. D. both segment bc and segment cd.