David Ricardo's assumption for economic rents for land was based on
A) the supply of land being a fixed quantity.
B) a shortage of land.
C) a surplus of land.
D) total government control of land.
Answer: A
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Which of the following would be consistent with the notion of a competitive market process, but would be inconsistent with the notion of perfect competition?
A) Cost-plus-markup pricing B) Freedom of entry C) Price taking behavior D) Large numbers of buyers and sellers E) All of the above.
Which of the following is not a reason for low savings in poor households:
a. low income b. unstable income c. irrational spending patterns d. unfamiliarity with in financial institutions e. all are good reasons for low savings
Figure 10-2
?
Figure 10-2 shows demand and short-run cost curves for a perfectly competitive firm. At its profit-maximizing level of output, the firm’s short-run TC is represented by area
A. ADFO. B. BGHC. C. BGIO. D. ADGIO.
If Mexico's GDP drops, which of the following will happen in the market for pesos?
a. A rightward shift of the supply curve, a depreciation of the peso, and a larger number of pesos traded b. A rightward shift of the demand curve, a depreciation of the peso, and a smaller number of pesos traded c. A rightward shift of the demand curve, an appreciation of the peso, and a larger number of pesos traded d. A leftward shift of the demand curve, a depreciation of the peso, and a smaller number of pesos traded e. A leftward shift of the supply curve, an appreciation of the peso, and a smaller number of pesos traded.