Consider the market for land. Suppose the value of the marginal product of land decreases. Holding all else constant, the equilibrium rental price for land will
a. increase.
b. decrease.
c. not change.
d. It is not possible to determine what will happen to the equilibrium rental rate.
b
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A tax on a previously untaxed monopoly-produced good will necessarily lower total welfare if
A) the demand curve is relatively inelastic. B) the demand curve is relatively elastic. C) less than the socially optimum is produced before the tax. D) more than the socially optimum is produced before the tax.
A right-to-work law is
A) a federal law making the closed shop illegal. B) a federal law making the union shop illegal. C) a state law making the union shop illegal. D) a state law making the open shop illegal.
(Last Word) A caller to a radio talk show states that protesters against globalization are a collection of "anarchist punks, naïve college students, and trade union radicals." This is an example of
What will be an ideal response?
Which of the following is part of non-defense discretionary spending?
A. Social Security B. Medicare C. Interest on the debt D. Education and training