Which of the following is a likely result when barren unused land is converted into an area for horseback riding and other recreational activities?
a. The supply of similar types of land will fall
b. The price of the land will fall.
c. The marginal revenue product of the land will increase.
d. The marginal revenue product of the land will decrease.
c
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Which is the best example of idiosyncratic risk?
A) a financial crisis B) a lawsuit because the corporation produced a faulty product C) a recession D) rising interest rates
According to the Bureau of Labor Statistics' survey, which category represents the largest expense for the typical urban family?
a. Housing. b. Food and beverages. c. Transportation. d. Medical care.
The tendency of changes in asset prices to affect spending on consumption goods is called the ________ effect.
A. multiplier B. substitution C. income D. wealth
In Ansonia, real GDP increased by 9% and the population increased by 9% in 2018. In 2018, Ansonia experienced
A. economic growth, but not an increase in living standards. B. economic growth and an increase in living standards. C. no economic growth and no increase in living standards. D. no economic growth, but an increase in living standards.