For all practical purposes, the supply of land is:
A. almost perfectly inelastic.
B. negatively sloped.
C. relatively elastic.
D. perfectly elastic.
Answer: A
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Most monetarists favor:
a. frequent changes in the growth rate of the money supply to avoid inflation. b. placing the Federal Reserve under the Treasury. c. a steady, gradual shrinkage of the money supply. d. a constant increase in the money supply year after year equal to the potential annual growth rate in real GDP.
Which of the following rises when the U.S. price level falls?
a. interest rates b. the value of the dollar in the market for foreign-currency exchange c. real wealth d. All of the above are correct.
Fiscal policy includes changing the level of household taxes.
Answer the following statement true (T) or false (F)
Refer to the given data. Assume that before specialization and trade Landia was producing combination C and Scandia was producing combination B. If these two nations now specialize completely based on comparative advantage, the total gains from specialization and trade would be:
Answer the question on the basis of the following production possibilities data for Landia and Scandia:
A. 8 fish and 2 chips.
B. 10 fish and 4 chips.
C. 0 fish and 8 chips.
D. 4 fish and 6 chips.