"Natural resources" refers to
a. bodies of water
b. trees
c. oil reserves
d. minerals
e. All of the answers are correct.
E
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Suppose a retail store was offering 10% off list prices on all goods. The benefit of the 10% savings is:
A. unrelated to the list price of the good. B. zero since costs and benefits shouldn't be measured proportionally. C. positively related to the list price of the good. D. negatively related to the list price of the good.
Britain's departure from the gold standard in September 1931 ____ bank closures in the United States because ____
a. decreased, the British decided to invest their gold in the U.S b. increased, anyone who wanted gold had to withdraw it from U.S. banks c. decreased, Britain could now follow expansionary monetary policies at home d. increased, people realized that the United States was about to "bail out" Britain with large loans
The free-rider problem occurs when:
A. people who pay for a good or service cannot be excluded from enjoying it. B. buyers pay less than their reservation price. C. sellers receive more than their reservation price. D. people who do not pay for a good or service cannot be excluded from enjoying it.
Which of the following has a tendency to raise the unemployment rate?
A) implementing a minimum wage above the market wage in an economy B) reducing unemployment insurance in an economy C) offering wages at the market-clearing rate D) reducing labor union membership in an economy