Suppose Szmul Hecht's farm A is 10 miles from the marketplace, while Frantisek Bass's farm is twice as far away. Ceteris paribus, We know then that the
a. present value of Hecht's farm is lower than the present value of Bass's farm
b. differential rent Hecht receives is greater than the differential rent Bass receives
c. differential rent Hecht receives is less than the differential rent Bass receives
d. location rent Hecht receives is less than the location rent Bass receives
e. present value of Hecht's farm is higher than the present value of Bass's farm
E
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In a recession, which unemployment rate is the highest?
A) the U-1 unemployment rate B) the U-6 unemployment rate C) the U-2 unemployment rate D) the U-3 unemployment rate E) None of the above answers is correct because the highest unemployment rate changes from one recession to the next.
Robert lost his job during the last recession and his yearly income fell by 15 percent. As a result of the action of automatic stabilizers, his disposable income would likely have fallen by less than 15 percent
a. True b. False Indicate whether the statement is true or false
The production possibilities frontier is a graph that shows the various combinations of outputs that the economy can possibly produce given the available factors of production and the available production technology
a. True b. False Indicate whether the statement is true or false
A firm that faces the duopolists' dilemma can avoid the dilemma by:
A. telling customers that it will match any competitor's price. B. undercutting its competitor's price. C. agreeing to join a cartel. D. always choosing its dominant strategy regardless of the other firm's action.