The average price of land used to grow food in Chicago is very high because
What will be an ideal response?
there is a huge demand for land in Chicago for other uses than growing food.
You might also like to view...
National saving is
A) the sum of private saving and government saving. B) reduced by government budget deficits. C) the sum of private saving and the government budget deficit or surplus. D) all of the above.
Food stamps are ______
a. financed by the federal government but administered by the states b. financed by the federal government and the states and administered by the states c. financed by the federal government and the states and administered by localities d. financed by the states but administered by the counties
For an individual who consumes only two goods, X and Y, the opportunity cost of consuming one unit of X in terms of how much Y must be given up is reflected in
a. the individual's marginal rate of substitution. b. the slope of the individual's budget constraint. c. the slope of the individual's indifference curve. d. None of the above.
When two goods are complementary goods, as the price of one of the goods goes ______, the quantity demanded of the other goes ______.
A. down; down B. up; up C. up; down D. down; neither up nor down