Which statement is false?
A. The supply of urban land increases in response to increases in demand.
B. Most economists think rent should be abolished.
C. Pierre-Joseph Proudhon and Henry George took similar stands on rent.
D. Economic rent is the payment above the minimum necessary to attract a resource to the market.
B. Most economists think rent should be abolished.
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In order to derive an individual's demand curve for salmon, we would observe what happens to the utility-maximizing bundle when we change
A) income and hold everything else constant. B) tastes and preferences and hold everything else constant. C) the price of a close substitute and hold everything else constant. D) the price of the product and hold everything else constant.
In recent years, redistribution has been the fastest growing category of federal government outlays
a. True b. False
Price elasticity of demand refers to the:
a. percentage increase in price in response to a percentage increase in quantity demanded. b. percentage decrease in price in response to a percentage increase in income. c. minimum amount that consumers will pay for a percentage change in quantity demanded or supplied. d. responsiveness of quantity demanded to a change in the price of a good.
If New York City expects that an increase in bus fares will raise mass transit revenues, it must think that the demand for bus travel is:
a. elastic. b. unit elastic. c. inelastic. d. perfectly inelastic. e. 10.