The socialist countries of Eastern Europe have
A. fewer environmental problems than capitalist countries.
B. improved their environment more than the capitalist countries.
C. worse environmental problems than capitalist countries.
D. worsened since the collapse of communism there.
Answer: C
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The demand for heating oil in the short run is more elastic than the long run demand for heating oil
Indicate whether the statement is true or false
Many economists would argue that some frictional unemployment
A) creates massive economic disruptions and should be eliminated as quickly as feasible. B) should be eliminated whatever the cost. C) no longer exists because increased unemployment benefits have generally solved this problem. D) cannot and probably should not be eliminated.
The theory of rational expectations concludes that
A. the public's expectations can influence the outcome of monetary policy, but not of fiscal policy. B. the public's expectations can influence the outcome of fiscal policy, but not of monetary policy. C. the public's expectations as to the effects of economic policies will tend to reinforce the effectiveness of those policies. D. by reacting in its self-interest to the expected effects of stabilization policy, the public will tend to negate the impact of those policies.
If the production function is Q = K.5L.5 and capital is fixed at 1 unit, then the average product of labor when L = 36 is:
A. 2/3. B. 1/6. C. 1/3. D. None of the answers are correct.