The income paid for the use of land is called
A) rent. B) wages. C) interest. D) land capital. E) profit.
A
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How does a change in quantity supplied differ from a change in supply?
A) A change in quantity supplied shifts the supply curve; a change in supply is a movement along the curve. B) A change in one of the ceteris paribus conditions affects quantity supplied, not supply. C) A change in the price affects quantity supplied, not supply. D) There is no difference.
In reality international trade is determined solely by comparative advantage and the free market forces of supply and demand
a. True b. False Indicate whether the statement is true or false
Real GDP measures the ________ of production.
A. physical volume B. current dollar value C. change in the volume D. current market value
Use the following graph to answer the next question.
If the industry were a pure monopoly, the profit-maximizing price would be ________.
A. $8 B. $14 C. greater than $16 D. $16