Which statement is false?
A. Rent is an excellent means of efficiently allocating the use of scarce land.
B. There is a very strong current in economic thought that denies the landlord's claim to rent.
C. "The land shall not be sold forever" is a biblical admonition with which some people still agree.
D. None of the statements is false.
D. None of the statements is false.
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In the Battle of the Sexes game, there
a. are two Nash equilibria, neither of which is Pareto optimal. b. is one Nash equilibrium and it is not Pareto optimal. c. is one Nash equilibrium and it is Pareto optimal. d. are two Nash equilibria, both of which are Pareto optimal.
If each of us relied exclusively on the market to determine what to buy, we would probably end up with few, if any:
A. streetlights. B. strawberries. C. televisions. D. raincoats.
Suppose that the economy has a structural surplus of $100 billion and is operating above potential output. From this we can infer that the budget as a whole:
A. is in surplus. B. is in deficit. C. could be in deficit or surplus depending on the size of the cyclical deficit. D. is balanced.
If nominal GDP is $5 trillion and real GDP is $4 trillion, the GDP deflator is
A) 12.5. B) 80. C) 125. D) 800.