Which aspect of undeveloped labor markets causes unemployment in undeveloped labor markets to be misunderstood?
a. higher inflation rates
b. greater government control
c. barter and trade economies
d. agricultural economies
c. barter and trade economies
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The IS curve ________ when the real interest rate increases
A) shifts to the right B) shifts to the left C) shifts up D) all of the above E) none of the above
Suppose that a violent earthquake causes the uninhabited Hawaiian island of Mokuauia (also called Goat Island) to fall into the Pacific Ocean. No people are killed or injured, and since the island is undeveloped, no buildings are destroyed. The island was a source of tourist income for Hawaiian landowners. Which of the following statements correctly describes the rents earned by the people who
own land on the surrounding islands? a. As the supply of vacation land decreases, the marginal productivity of the remaining land will decrease; thus rents will decrease. b. As the supply of vacation land decreases, the marginal productivity of the remaining land will increase; thus, rents will decrease. c. As the supply of vacation land decreases, the marginal productivity of the remaining land will increase; thus, rents will increase. d. There would be no change in the rents earned by the other landowners because the effects of supply and demand would exactly cancel each other out.
Critics of advertising argue that advertising
a. creates desires that otherwise might not exist. b. enhances competition. c. benefits television viewers who enjoy TV commercials. d. All of the above are correct.
Suppose that interest payments are $140 per year on a $1,000 loan and $1,188 per year on an $8,485 loan. The interest rates on the two loans are:
A. 14 percent and 20 percent, respectively. B. 14 percent on both loans. C. 18.8 percent on both loans. D. 1.4 percent and 11.8 percent, respectively.