If the Government Designates Certain Areas Within a Community to Be

question 192

Multiple Choice

If the government designates certain areas within a community to be wetlands, and therefore illegal to build upon, what happens to land not classified as wetlands within the community?
(i) the marginal product of land will fall
(ii) the marginal product of land will rise
(iii) the price of land will rise

• A)(i) and (ii)
• B)(ii) and (iii)
• C)(i) and (iii)
• D)(ii) only

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Definitions:

Unemployment Rate

The ratio of individuals in the labor force who are without a job and are searching for employment.

Expected Inflation

The rate at which the general level of prices for goods and services is projected to rise over a specific period, reflecting the public's expectations for future inflation.

Actual Inflation

The observed increase in prices for goods and services in an economy over a period, typically measured as a percentage.

Unemployment Rate

The unemployment rate is the percentage of the labor force that is jobless and actively looking for employment.