Which of the following countries is not a member of the Economic Monetary Union?
a. England
b. Italy
c. Spain
d. Finland
a. England
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According to Douglass North's "market opportunity response" model, surges in land sales in the Old Northwest in the 1810s, 1830s and 1850s were due to
a. improved transportation between the Old Northwest and the Northeast. b. rising prices for corn and wheat. c. the growth of manufacturing in the Great Lakes region. d. large reductions in property tax rates.
Shifting resources away from producing one good in order to produce another is an example of
a. Unlimited resources b. Limited wants c. Opportunity cost d. None of the above
The sum of which of the following must be equal to the adult population?
A) employed, unemployed B) employed, unemployed, labor force C) employed, unemployed, not in the labor force D) employed, unemployed, labor force, not in the labor force
Sarah buys little stuffed animals for $5 each. They come in different varieties. If the producer stops making (retires) a certain variety, a stuffed animal of that variety will be worth $100; otherwise it is worth $0. There is 25% chance that any variety will be retired. For the purchase of an individual animal, what is the value to Sarah of knowing ahead of time whether or not that variety will
be retired? What will be an ideal response?