If tuna in the sea are open-access resources, they will be used until the marginal value of additional use equals
a. the marginal product of the resource
b. the marginal revenue of the resource
c. infinity
d. negative infinity
e. zero
E
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In February 2010, the price of gasoline in the Florida was $2.629 per gallon and the CPI was 202.4 with a base period of 1982 to 1984. What was the real price of gasoline per gallon in base period dollars?
A) $2.629 per gallon B) $1.00 per gallon C) $1.29 per gallon D) $5.32 per gallon E) $1.809 per gallon
In the classical model, high unemployment due to a change in aggregate demand
A) can persist for an indefinite period of time. B) will return to its normal level quickly as wages adjust. C) will persist if due to a supply shock but not if due to a demand shock. D) never exists because unemployment can never deviate from its normal level.