Economic rent refers to profit derived from owning an apartment complex
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following empirical studies provided the most support for the heckscher-Ohlin model?
A) the study by Wassily Leontief B) the study by Bowen, Leamer, and Sveikauskas C) the study by David Ricardo D) the study by Adam Smith E) the study by Davis and Weinstein
Which of the following might cause an upward shift of the modern Phillips curve?
A) an increase in oil prices B) an increase in the price of imports C) wage agreements that include compensation for inflation D) all of the above E) none of the above
The inflation tax refers to
a. the revenue a government creates by printing money. b. higher inflation which requires more frequent price changes. c. the idea that, other things the same, an increase in the tax rate raises the inflation rate. d. taxes being indexed for inflation.
Use the following graph for a competitive market to answer the question below.
Assume the government imposes a $3 tax on buyers, which results in a shift of the demand curve from D1 to D2. The price the consumer pays for the product after the tax is imposed on the buyer is
A. $7. B. $3. C. $8. D. $5.