Refer to the below information and table. If landowners were taxed at a rate of $150 per acre for their land, what would be the economic rent on this land after taxes, and how many acres would be rented?
Suppose that the quantity of a certain type of farmland available is 400,000 acres, and the demand for this land is given in the table below.
A. $50 and 400,000 acres
B. $400 and 50,000 acres
C. $150 and 400,000 acres
D. $250 and 50,000 acres
A. $50 and 400,000 acres
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If, holding the strategies of all other firms constant, no firm can obtain a higher profit by choosing a different strategy, then
A) the firms are using the Cournot model. B) the firms' strategies are a Nash equilibrium. C) the firms must have formed a cartel. D) the firms are using the Bertrand model.
If the U.S. dollar appreciates, it means that
a. the value of the U.S. dollar has decreased b. the value of foreign exchange has increased c. fewer U.S. dollars are required to purchase foreign exchange d. more U.S. dollars are required to purchase foreign exchange e. exports will fall immediately
We can say that the potential level of real GDP is fixed because the long-run aggregate supply curve is a vertical line
a. True b. False Indicate whether the statement is true or false
Factors that shift the IS curve involve:
A) interest rates and levels of GDP. B) the quantity of money and the demand for money. C) the trade balance. D) exogenous variables affecting demand, such as a change in government spending or a change in the exchange rate.