Economists would classify all of the following as land except:
a. Iron ore deposits
b. A hydroelectric dam
c. Two thousand acres of virgin forest
d. Crude oil reserves
b. A hydroelectric dam
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If an investment of $100 million from the United Kingdom is made in the United States, the $100 million is listed as a ________ entry in the ________ account
A) negative; current B) negative; capital and financial C) positive; capital and financial D) positive; official settlements E) positive; current
The rules of the GATT
a. apply only to domestic trade within a nation b. apply to both domestic trade within a nation and international trade with other nations c. apply only to trade among nations d. prohibit tariffs e. encourage high tariffs
What is "crowding out"? Why is it important in discussions of fiscal policy? Use an appropriate diagram to illustrate your answer
The individual firm in a purely competitive labor market faces:
A. a perfectly elastic labor supply curve and a downsloping labor demand curve. B. a perfectly elastic labor demand curve and an upsloping labor supply curve. C. labor demand and labor supply curves both of which are perfectly elastic. D. a downsloping labor demand curve and an upsloping labor supply curve.