Which of the following restricts the volume of international trade?
a. quotas
b. well-enforced property rights
c. a stable international monetary framework
d. an increase in the rate of economic growth
A
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A farm is able to produce 9,000 pints of strawberries per season on 10 acres. It adds one more acre and is able to produce 12,000 pints per season. The marginal product of land for this farm is:
a. 900 pints per acre per year. b. 1,000 pints per acre per year. c. 3,000 pints per acre per year. d. 12,000 pints per acre per year.
Economists use the term "business cycle" to refer to: a. the growth of small businesses into major corporations
b. qualitative changes in products resulting from improved technology. c. fluctuations in economic activity, measured by GDP or unemployment. d. periods of increase or decrease in the rate of inflation.