A conservative philosophy of land distribution would not support which of the following?
a. High minimum acreage rules for people buying land
b. High minimum prices for land
c. Credit payments for the land
c. Credit payments for the land
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Christy's Haircuts, the sole supplier of haircuts in a small town, faces the demand schedule shown in the table above. What is Christy's marginal revenue from the 25th haircut?
A) zero B) $5.00 C) $17.50 D) $50.00
Nontradables are cited as a reason why purchasing power parity doesn't hold because:
A. goods that you can't transport cannot be sold for a profit elsewhere, even if the price differs in different locations. B. there is no economic opportunity to profit if the goods cannot be sold in another market for another price. C. location-specific goods are impossible to calculate a price elsewhere for. D. All of these statements are true.
Which country was among the lowest ranking by the World Bank for effective protection of property rights and rule-based governance?
a. North Korea b. Cuba c. Afghanistan d. Iraq
If you use a check to purchase a textbook, the check is
a. the unit of value b. the means of payment c. the means of payment and the unit of value d. outside the monetary system e. worth less than an equivalent amount of currency