The supply curve for land is perfectly elastic.
Answer the following statement true (T) or false (F)
False
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Since 1970, the U.S. federal government had a budget surplus
A) in almost every year. B) in a few years in the 1990s. C) only once, in 2008. D) The U.S. federal government has not had a budget surplus since 1970.
A law that encourages market competition by prohibiting firms from gaining or exercising excessive market power is
a. a patent b. in conflict with the Constitution c. supported by laissez-faire advocates d. impossible to enforce e. an antitrust law
Taxes on labor income tend to encourage
a. workers to work fewer hours. b. second earners to stay home c. the elderly to retire early d. the unscrupulous to enter the underground economy. e. all of the above
The four types of economic decision makers are:
A. Firms, corporations, households, and the government B. Households, firms, government, and the rest of the world C. Households, corporations, partnerships, and the government D. Government, corporations, households, firms C. The rest of the world, corporations, firms, government