Which of the following is true about land rent?
a. It is the difference between the payment for using land in production and the cost of such use
b. When the supply curve of land is horizontal, the position of the demand determines rent.
c. It is a cost to landowners who rent the use of land.
d. When the supply curve of land is vertical, the supply curve determines rent.
e. When the supply curve of land is downward sloping, both the demand and supply curves determine rent.
A
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A. True B. False C. Uncertain
In 1984, British Prime Minister Margaret Thatcher decided to shut down so-called uneconomic coal mines owned by the government. The National Union of Mineworkers protested, asserting that there was enough coal in the mines to continue current levels of production for years. Thatcher implicitly argued that her decision was economically sound because, at any practical level of output, for each “uneconomic” mine,
A. MC > AC. B. for every input, MPP > APP. C. MC > MR. D. AC > MC.
The major purpose of the Federal Reserve buying government securities in open market operations is to:
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The purpose of a strike is
A) to obtain higher wages for union members only. B) to solve jurisdictional disputes. C) to obtain a closed shop. D) to force management to accept the union's proposed contract terms.