During recessions, the unemployment rate ________ and output ________

In the monetary small open-economy model, a fixed exchange rate insulates the domestic price level from

A) both real and nominal shocks from abroad. B) real shocks from abroad, but not nominal shocks from abroad. C) nominal shocks from abroad, but not from real shocks from abroad. D) neither real nor nominal shocks from abroad.

The theory of land rent holds that

a. all plots of land are identical. b. all land yields a positive rent return. c. rent on any piece of land will equal the difference between the cost of producing the output on that land and the cost of producing it on marginal land. d. competition for superior plots of land will force the rent on those lands to a marginal return of zero.