The theory of rent formulated by ______ is still used by most economists today.
A. Karl Marx
B. David Ricardo
C. Frank Knight
D. Joseph Schumpeter
B. David Ricardo
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Refer to Figure 4-5. The figure above represents the market for pecans. Assume that this is a competitive market. If the price of pecans is $9, what changes in the market would result in an economically efficient output?
A) The price would decrease, the demand would increase, and the supply would decrease. B) The quantity supplied would increase, the quantity demanded would decrease, and the equilibrium price would decrease. C) The price would decrease, the quantity supplied would decrease, and the quantity demanded would increase. D) The price would increase, the quantity demanded would decrease, and the quantity supplied would increase.
The purpose of commodity buffer stocks is
(a) to moderate price fluctuations. (b) to raise commodity prices. (c) to encourage commodity substitution. (d) to guarantee national security.
The monetary rule is the view of the:
a. Monetarists that monetary policy is most important. b. Keynesians that monetary policy is most important. c. Classical economists that monetary policy is most important. d. Monetarists that the Fed should expand the money supply at a constant rate.
During the economic downturn of 2008-2009, the Federal Reserve
a. used open-market operations to purchase mortgages and corporate debt, just as it frequently does even when the economy is functioning normally. b. took the unusual step of using open-market operations to purchase mortgages and corporate debt. c. explicitly set its target rate of inflation at zero. d. explicitly set its target rate of inflation well above zero.