As the demand for land rises
A. rents rise and more marginal land comes into use.
B. rents fall and more marginal land comes into use.
C. rents rise and more land becomes marginal.
D. rents fall and more land becomes marginal.
A. rents rise and more marginal land comes into use.
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The production function describes the relationship between
A) the real wage and the quantity of labor supplied. B) real GDP and the quantity of labor employed. C) real and potential GDP. D) real and nominal GDP. E) potential GDP and the real wage rate.
Total physical product shows what happens to the quantity of an output when the firm changes the quantity of an input
a. True b. False Indicate whether the statement is true or false
When economists speak of changes in GDP measured in constant dollars, they mean that
a. money GDP is constant. b. the price level is constant. c. a price index has been used to adjust money GDP for the effects of inflation. d. the growth rate of money GDP has been adjusted for changes in population.
A very hot summer in Atlanta will cause
a. the demand curve for lemonade to shift to the left. b. the demand for air conditioners to decrease. c. the demand for jackets to decrease. d. a movement downward and to the right along the demand curve for tank tops.