The British economist most often associated with the issue of economic rent for land was
A) John Maynard Keynes.
B) Jeremy Bentham.
C) A. W. Phillips.
D) David Ricardo.
D
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How is a monopolistically competitive firm similar to a perfectly competitive firm?
A) Both will observe entry into the industry if economic profit is positive. B) Both produce where average total cost equals marginal cost. C) Both make a positive economic profit in the long run. D) Both produce a homogeneous good.
Making the distribution of wealth ________ equal is ________
A) more; differences in degrees of specialization B) less; differences in degrees of specialization C) more; assortative mating D) less; assortative mating
Ice cream can be frozen. In the short run the magnitude of the own price elasticity of demand for ice cream:
A) is higher than in the long run. B) is lower than in the short run. C) is the same as in the long run. D) does not depend on the fact that ice cream can be frozen.
The direct effect of an increase in the money supply is
A) people will spend the extra money, causing the aggregate demand curve to shift to the right and prices to rise, and causing the economy to go into recession. B) people will save the money, causing an increase in bank deposits, causing interest rates to fall, and loans to expand. C) people will save more money, causing a decrease in economic activity and a fall in prices. D) people will spend the extra money, causing the aggregate demand curve to shift to the right, creating an increase in economic activity.