The newest member country of the European Union (EU) is
A. Ukraine
B. Turkey
C. Serbia
D. Croatia
Answer: D
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California passed a law called “Proposition 2 ½” that limited property taxes to 2.5 percent of property value. Naturally this reduced taxes on many properties, and apartment landlords had more money at the end of the year at given rents. This windfall could be called an economic rent only if
A. we push the definition of economic rent too far. B. the supply of rental units can be expanded. C. the supply of rental units is fixed. D. competitors can build housing at costs that yield the return that was earned before the tax cut.
Which statement is true about the Malthusian theory?
A. It predicts that famine can easily be averted. B. It is an application of the law of diminishing returns. C. It is unduly optimistic. D. It has proven true in most countries.
Which of the following did not occur during the Industrial Revolution?
a. Production became more reliant on highly specialized equipment. b. A more efficient division of labor was promoted. c. Workers bore much of the costs of production. d. The transaction costs of contracting with individual resource owners were reduced. e. Technological development increased the productivity of most workers.
Moe divides his time between studying Physics and studying Economics. His production possibilities curve for his final grade in each class is shown in the accompanying figure.
The Principle of Increasing Opportunity Cost is reflected in the fact that the opportunity cost going from 70 to 80 in economics is:
A. higher than the opportunity cost of going from 80 to 90 in economics. B. lower than the opportunity cost of going from 80 to 90 in physics. C. the same as the opportunity cost of going from 70 to 80 in physics. D. lower than the opportunity cost of going from 80 to 90 in economics.