In 2009, the average unemployment rate in the United States averaged
A. 4.6 percent.
B. 5.4 percent.
C. 7.2 percent.
D. 9.3 percent.
Answer: D
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The provision of a legal system is an important economic function of the government because
A) lawyers and judges tend to be high-income people. B) people need to feel safe when they go to work. C) the legal system affects how exchange takes place through its enforcement of contracts. D) the legal system affects the distribution of income through its awarding of damages in accident claims.
Use the above figure. Which graph depicts substitute goods?
A) A B) B C) C D) D
Which of the following investments is most ideal for a lender?
a. An investment that yields a nominal interest of 6 percent per year in a country that faces an inflation of 2 percent per year b. An investment that yields a nominal interest of 4 percent per year in a country that faces an inflation of 2 percent per year c. An investment that yields a nominal interest of 200 percent per year in a country that faces an inflation of 200 percent each year d. An investment that yields a nominal interest of 50 percent per year in a country that faces an inflation of 70 percent each year
According to Garrett Hardin's view of The Tragedy of the Commons:
A. Externalities will be internalized by the market. B. Individuals will use the commons up to the point where marginal benefits equal marginal social costs. C. Individuals will create institutions to prevent the collapse of the commons. D. Individual will use the commons beyond the socially efficient point.