Naturally occurring diamonds are an example of
A) land.
B) labor.
C) physical capital.
D) human capital.
Answer: A
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Suppose the government has declared beer to be an illegal substance and imposes a fine on any person caught selling a beer. Buying beer, however, remains legal
Using the above figure, in which CBL is the cost of breaking the law, what is the equilibrium price and quantity with this new law in effect? A) $5 per quart and 300 quarts of beer B) $3 per quart and 500 quarts of beer C) $3 per quart and 100 quarts of beer D) $1 per quart and 300 quarts of beer
When deflation occurs,
A) the nominal interest rate is equal to the real interest rate and inflation is positive. B) the real interest rate is greater than the nominal interest rate. C) the nominal interest rate is equal to the real interest rate and inflation is negative. D) the nominal interest rate is greater than the real interest rate.
Citizens have a strong incentive to monitor local government because _____
a. as citizens it is their duty to do so b. the level of government services directly affects their utility because they consume them every day c. it is easy to observe the level and quality of nearby governments d. the cost and quality of local government services are reflected in housing prices
Between 1917 and 1982 the U.S. ran a financial account surplus, since 1983 there has been a deficit in the financial account
Indicate whether the statement is true or false