When determination of rent is left to the market,
A. that rent price is almost entirely determined by the supply side.
B. that price can settle at politically unpopular levels.
C. land is fairly distributed among the members of society.
D. the supply of land will be perfectly elastic.
Answer: B
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If the price level for the last three months has been 112, 125, and 126, we would say
A) inflation has been constant over the three months. B) inflation was more rapid between the first and second month than between the second and third month. C) inflation was less rapid between the first and second month than between the second and third month. D) inflation has steadily increased over the three months.
The magnitude of the slope of the budget line measures the
A) opportunity cost of the good on the horizontal axis in terms of the good on the vertical axis. B) opportunity cost of the good on the vertical axis in terms of the good on the horizontal axis. C) price elasticity of demand. D) price elasticity of supply.
If the Fed sells bonds, the short run impact of this policy will tend to include: a. an increase in the inflation rate. b. a reduction in unemployment
c. an increase in real output. d. an increase in real interest rates.
Sulfur Dioxide Discharged (Tons)Firm AFirm B10$10,000$12,000911,00017,000813,00022,000716,00026,000620,00033,000
Table 9.8 shows the production cost for two utilities at different levels of sulfur dioxide emissions. Assume that the government issued 8 marketable pollution permits to each firm. If Firm A contemplates selling one permit to Firm B, what is Firm A's willingness to accept?
A. $2,000 B. $3,000 C. $4,000 D. $5,000