Land, as a resource, is sometimes confused with what is ________.
Fill in the blank(s) with the appropriate word(s).
built on it
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The above figure shows the marginal social benefit, marginal private cost and marginal social cost of producing steel. There is a marginal external ________ of ________ per ton
A) benefit; $200 B) benefit; $100 C) cost; $200 D) cost; $100
If you are considering buying either an Apple Watch or a Samsung Gear S2, and you choose the Samsung only because the price is lower, then you consider
A) the Apple Watch and the Samsung Gear S2 to be substitutes. B) the Apple Watch and the Samsung Gear S2 to be complements. C) the Apple Watch to be a normal good and the Samsung Gear S2 to be an inferior good. D) the Apple Watch to be an inferior good and Samsung Gear S2 to be a normal good.
A piece of land is divided between John and Mary. However, only John gets the title to his share of land. Which of the following is true?
a. Both Mary and John will not take care of their lands. b. Mary will have a higher per capita output from her piece of land. c. John will not be able to rent out a portion of his land. d. Mary will have a greater incentive than John to invest in her piece of land. e. John will be able to use his land as collateral for a loan from a bank.
A decrease in the price of the output produced by labor will:
A. decrease the supply of labor. B. increase the demand for labor. C. decrease the demand for labor. D. increase the supply of labor.