In Japan, the market value of the land is approximately four times that of all the land in the United States, even though Japan is only about the size of California. The most likely explanation for this fact is?
There is a greater demand for land in Japan relative to supply than in the United States.
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A payment to an owner of a resource in excess of its opportunity cost is know as
A) real wages. B) economic rent. C) financial interest. D) accounting profits.
Refer to the diagram for a specific economy. The shape of this curve suggests that:
A. the price level rises at a diminishing rate as the level of aggregate demand increases.
B. full employment and price stability are compatible goals only when aggregate demand is
falling.
C. each successive unit of decline in the unemployment rate is accompanied by a smaller
increase in the rate of inflation.
D. each successive unit of decline in the unemployment rate is accompanied by a larger increase in the rate of inflation.