Finite resources
a. must be renewable
b. must be nonrenewable
c. can be renewable or nonrenewable
d. are only nature-made resources
e. can be expanded in a short period of time
C
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Answer the following statement(s) true (T) or false (F)
1. If each person specializes in his area of comparative advantage and then trades for the goods he wants to have, everyone will be made better off. 2. If no one in a community desires to watch television, then it would be a waste of resources for the community to produce television sets. 3. If good wines can be produced in Turkey at costs lower than in the wine exporting countries, but the local population drinks little wine, then Turkey should not produce wine. 4. Trade will never be beneficial when both parties have a comparative advantage in producing the same good. 5. If everyone had the same abilities, then no one could benefit from trade.
When the supply of land is perfectly inelastic, the economic burden of an annual tax on land
a. falls entirely on the people who owned land when the tax was imposed. b. is passed on to future buyers of land in the form of higher prices. c. is split between present and future landowners. d. cannot be determined without information on the elasticity of the demand for land.
Assume that foreign capital flows into a nation rise due to expected increases in stock market appreciation. If the nation has highly mobile international capital markets and a fixed exchange rate system, what happens to the GDP Price Index and reserves account in the context of the Three-Sector-Model? a. The GDP Price Index rises and reserves account becomes more negative (or less positive)
b. The GDP Price Index falls and reserves account remains the same. c. The GDP Price Index and reserves account remain the same. d. The GDP Price Index rises and reserves account remains the same. e. There is not enough information to determine what happens to these two macroeconomic variables.
An increase in the marginal factor cost of labor will
A. lead to an increase in the value of an additional worker. B. cause the value of the marginal product of labor to increase. C. lead to an increase in the quantity demanded of labor. D. induce a firm to hire fewer workers.