David Ricardo used the example of land to demonstrate the concept of rent, as the supply of land is
A. relatively elastic.
B. perfectly elastic.
C. negatively sloped.
D. perfectly inelastic.
Answer: D
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A musician was guaranteed by the government that no one else could replicate or sell his music CDs. This is an example of a:
A) brand. B) patent. C) copyright. D) trademark.
The extra benefit associated with producing or consuming the next unit is called the:
A. revenue product. B. spillover. C. marginal benefit. D. economic benefit.
Economic fluctuations are defined as
a. alternating periods of significant GDP growth and decline. b. events only encountered in developing countries. c. periods of stable economic growth. d. alternating periods of unemployment falling above and below zero.
Tired of looking for work with nothing to show for it, Bill has given up on the job search. Bill is
A. a contingent worker. B. part of the frictionally unemployed. C. voluntarily unemployed. D. a discouraged worker.