Suppose we know that 10 Spanish Galleons sunk in the Atlantic ocean carrying approximately 50 tons of gold, but the exact location of these shipwrecks is unknown. Would this gold add to the world reserve?
A) Yes, we know it exists.
B) No, we know it exists but we can't extract the gold.
C) Yes, it's only a matter of time before the shipwrecks are discovered.
D) No, there are no established property rights over the shipwreck so they cannot add to world reserves..
B
Economics
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The maximum amount of other goods and services that people are willing to give up in order to get one more unit of a good is defined as the good's
A) marginal benefit. B) total benefit. C) marginal cost. D) total cost. E) price.
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Real income is found by:
A. dividing nominal income by 70. B. multiplying nominal income by 1.03. C. dividing the price index (in hundredths) by nominal income. D. dividing nominal income by the price index (in hundredths).
Economics