A country is likely to have a comparative advantage in a land-intensive activity if it has a:
A. lot of land relative to its population.
B. large population relative to its landmass.
C. higher opportunity cost of producing technology.
D. large amount of capital equipment relative to its population.
A. lot of land relative to its population.
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One example of Ricardian rent is:
a. rent paid to landlords under price controls. b. the difference between the price of a highly demanded unique piece of artwork and the opportunity cost of maintaining it. c. the amount paid to a seller above the equilibrium price of tourist class tickets in order to receive higher quality seats in first class. d. the price rise of wool from a disease among sheep.
Policy makers and citizens who want to expand the size of the government sector would favor stabilization policies that
A. raise G to eliminate a recessionary gap and lower taxes to eliminate an inflationary gap. B. raise G to eliminate a recessionary gap and raise taxes to eliminate an inflationary gap. C. reduce taxes to eliminate a recessionary gap and raise G to eliminate an inflationary gap. D. reduce taxes to eliminate a recessionary gap and reduce G to eliminate an inflationary gap.
An isocost line is a line that represents combinations of:
A. output that can be produced from the same quantity of inputs. B. factors of production that produce equal amounts of output. C. factors of production that cost the same amount. D. output that can be produced at the same cost.
Mortgages issued to borrowers who fail to document that their incomes are high enough to afford their mortgage payments are known as ________ mortgages
A) subprime B) Alt-A C) gray market D) reciprocal