Refer to the information above. The official unemployment rate is

Suppose that the price of an ounce of gold is 120 pesos in Mexico and 2,400 yen in Japan. Then the Japanese yen is worth two hundred times the value of a Mexican peso

a. True b. False Indicate whether the statement is true or false

The concept of economic rent is associated with the British economist David Ricardo (1772-1823). Ricardo analyzed economic rent for land. Which of the following is FALSE with respect to determining land rent?

A) The supply curve for land is vertical (perfectly inelastic). B) Rent is payment for a resource above its opportunity cost. C) Payment for a resource below its opportunity cost is rent. D) Ricardo assumed the quantity of land in a country is fixed.