The concept of economic rent is associated with the economist
A) Adam Smith.
B) Karl Marx.
C) David Ricardo.
D) John Maynard Keynes.
Answer: C
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The market and public sector are similar in that
A) there is competition amongst the participants in both sectors. B) the resources used in both sectors are scarce. C) the participants in both sectors react to incentives. D) All of the above are true.
The concept of elasticity is used to
a. indicate the economy's ability to rebound from a recession b. measure the robustness of a variable c. measure the sensitivity of one variable to changes in another d. measure price changes e. measure income changes
The Fed's control of the money supply is not precise because
a. Congress can also make changes to the money supply. b. there are not always government bonds available for purchase when the Fed wants to perform open-market operations. c. the Fed does not know where all U.S. currency is located. d. the amount of money in the economy depends in part on the behavior of depositors and bankers.
The rule of reason originated in the __________________ case of 1920.
Fill in the blank(s) with the appropriate word(s).