If the MRP of an acre of land were $1,000 and its rent were $500,
A. more land is being used than should be used.
B. exactly the right amount of land is being used.
C. not enough land is being used.
D. only half as much land is being used as should be used.
C. not enough land is being used.
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Exhibit 30-2
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In the Keynesian model, the 45-degree line consists of the points where
a. planned consumption is equal to planned saving. b. total output is equal to aggregate expenditure. c. total consumption is equal to total expenditure. d. total saving equals total investment.
If Armenia can produce rugs more efficiently than any other country, it does not necessarily benefit from producing rugs for international trade
a. True b. False
A study of the market for optometrists' services in the 1960s showed that
a. all states in the United States prohibited advertising by optometrists. b. almost all professional optometrists opposed legal restrictions on their rights to advertise. c. the average price of eyeglasses would decrease if the legal restrictions on advertising by optometrists were removed. d. advertising on eyeglasses limited competition among optometrists.