When the supply of land is upward sloping,
a. all land owners earn land rents
b. the demand for land must intersect it
c. all land owners have the same supply price
d. different supply prices are generated for different lands
e. a rightward shift in demand causes land rents to fall
D
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According to both the equation of exchange and the quantity theory of money
A) an increase in the money supply will decrease real Gross Domestic Product (GDP). B) a decrease in the money supply will decrease the velocity of money. C) a decrease in the money supply will decrease the price level. D) an increase in the money supply will increase real Gross Domestic Product (GDP).
If the 15th unit of output has a marginal cost of $29.50 and the average cost of producing 14 units of output is $30.23, what will happen to the average cost of production if the 15th unit is produced?
A) Average cost will fall. B) Average cost could increase or decrease depending on what happens to fixed cost. C) Average cost increases as more is produced. D) Average cost could increase or decrease depending on what happens to variable cost.
The short-run aggregate supply curve: a. is positively sloped
b. is negatively sloped. c. is a vertical line parallel to the price level axis. d. is a horizontal line parallel to the output axis. e. is a ray from the origin with slope exactly equal to 1.
Classical economists and monetarists believe that the investment curve is
a. vertical b. steep to reflect the view that changes in investment are relatively insensitive to changes in the interest rate c. steep to reflect the view that changes in investment are very sensitive to changes in the interest rate d. unrelated to the interest rate e. relatively flat to reflect the view that changes in investment are sensitive to changes in the interest rate