If money were valued in terms of how many minutes a person needs to work to buy a dollar, an increase in the number of minutes of work needed would be:
A. no change in the real price of money, just the nominal price increases.
B. no change in the real or nominal price of money.
C. an increase in the price of money.
D. a decline in the price of money.
Answer: C
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If the price of crude oil fell significantly, which of the following would be most likely to happen?
a. The price of air travel would increase. b. The demand for large cars would increase. c. The price of gasoline would increase. d. The wages of workers in the automobile industry would fall.
Capital is a factor of production. Which of the following is an example of capital?
i. $1,000 in money ii. 100 shares of Microsoft stock iii. $10,000 in bonds issued by General Motors iv. a drill press in your local machine shop A) i and ii B) ii only C) iv only D) iii only E) ii and iii
Tertiary employment tended to require generalized education and/or training and, therefore, it was found primarily in rural areas
Indicate whether the statement is true or false
Eighteenth century declines in Atlantic and Caribbean shipping costs were due to:
a. the reduction in armaments on commercial vessels. b. decreased crew sizes. c. falling insurance rates. d. reduced layover times in ports. e. All of the above.