If the price of land is zero,
a. the supply of land is a horizontal line
b. rent is zero and land is a free good
c. the MRP curve is positively sloped
d. land rents are positive
e. demand for land is relatively high
B
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How will the price and output of a monopolist compare with perfect competition?
a. The output of the monopolist will be too large and the price too high. b. The output of the monopolist will be too large and the price too low. c. The output of the monopolist will be too small and the price too high. d. The output of the monopolist will be too small and the price too low.
Instrumental variables cannot be used for estimating a regression equation if the regression model suffers from the measurement error problem.
Answer the following statement true (T) or false (F)
Exhibit 4-2 Supply and demand curves
In Exhibit 4-2, a decrease in quantity demanded would cause a movement from which equilibrium point to another, other things being equal?
A. E1 to E2. B. E1 to E3. C. E4 to E1. D. E3 to E4.
Which of the following policy actions by the Fed would cause the money supply to decrease?
A. an open market purchase of government securities B. a decrease in required reserve ratios C. a decrease in the discount rate D. an open-market sale of government securities