The rent paid for the pasture land used to graze cattle would increase if:
A. the productivity of the land increased.
B. people decided to consume more beef.
C. oil deposits were discovered on the land.
D. any of these occurred.
Answer: D
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Sun's Gas Station is a firm operating in a perfectly competitive industry. Sun's Gas Station sells each gallon of gas for $3. What is the total revenue earned by selling 180 gallons of gas?
A) $240 B) $540 C) $840 D) $3,300
For each pair of goods, explain which is more elastic: toothpicks vs. cars; electricity vs. yachts; IBM computers vs. Apple computers.
What will be an ideal response?
The unemployment rate is calculated as follows:
A) labor force/number of unemployed. B) labor force participation rate/number of unemployed. C) number of unemployed/labor force. D) number of employed/labor force.
A property right _____
a. gives the owner the right to do whatever she pleases with the property b. applies to homes and cars, but not to other types of property c. does not free an individual from related obligations d. is limited by a person's ability to protect it from predators