If the supply curve for land was a vertical line, then any payment made for land would be considered
A) as economic rent.
B) as economic lease.
C) as economic interest.
D) as an opportunity lease payment.
Answer: A
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If Congress wanted to counteract the effects of a recession it could
A) increase government purchases. B) increase tax rates. C) increase taxes by a fixed amount. D) decrease defense spending.
Which of the following would likely be considered as a topic of microeconomics?
A) a nation's unemployment rate B) Gross Domestic Product C) the price of apples D) the effects of fiscal policy on the economy
If the price of a textbook rises and then students purchase fewer textbooks, an economic model can show a cause-and-effect relationship only if which of the following conditions holds:
a. students' incomes fall. b. tuition decreases. c. the number of students increases. d. everything else is constant. e. the bookstore no longer accepts used book trade-ins.
Which of the following shifts the long-run aggregate supply curve to the left?
a. either an increase in the price of imported natural resources or a reduction in trade restrictions. b. neither an increase in the price of imported natural resources or a reduction in trade restrictions. c. an increase in the price of imported natural resources and an increase in trade restrictions. d. an increase in trade restrictions and a decrease in the price of imported natural resources.