Payment in the land market is called rent.
Answer the following statement true (T) or false (F)
True
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Published in 1776, ________ was written by Adam Smith
A) "An Inquiry into the Nature and Causes of the Wealth of Nations" B) "The Declaration of Economics" C) "The General Theory of Employment, Interest, and Money" D) "The Communist Manifesto"
Refer to Figure 18-2. If the government imposes an excise tax of $1.00 on every unit sold, the government's revenue from the tax is represented by the area
A) (PaPc × Qa) if the supply curve is S0 and (PbPc × Qb) if the supply curve is S1. B) (PbPe × Qb) under either supply curve. C) (PaPd × Qa) if the supply curve is S0 and (PbPe × Qb) if the supply curve is S1. D) (PaPe × Qa) under either supply curve.
Suppose country X currently produces widgets. Then it establishes a preferential trading agreement with country Y. Following the formation of the PTA, country X no longer produces widgets and imports widgets from country Y. What has occurred?
a. There is trade diversion and a welfare gain for both country X and country Y. b. There is trade diversion, a welfare gain for country Y, and a welfare loss for country X. c. There is trade creation and a welfare gain for both country X and country Y. d. There is trade creation, a welfare gain for country Y, and a welfare loss for country X.
The most important tool of monetary policy is:
A. the discount rate. B. open-market operations. C. market interest rates. D. reserve requirement ratios.