Changes in rent on a plot of land are chiefly due to
A. changes in demand.
B. changes in supply.
C. changes in both demand and supply.
D. changes in neither supply nor demand.
A. changes in demand.
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The adverse selection process is prevalent in the used car market because
a. only poorer people are likely to purchase used cars. b. sellers know more about the vehicles being sold than do potential buyers. c. the price of the car sends a signal about its quality. d. so many consumers are adverse to buying used cars.
Net exports:
a. will increase if exports of goods decline. b. will increase if imports of goods rise. c. in our GDP accounts permit estimation of foreign ownership of American businesses. d. include budgetary outlays of the federal government. e. is the net effect of the foreign trade sector on GDP.
A large airline calculates that the additional cost of a having a passenger on a flight to the Bahamas as the cost of a bag of peanuts and a soft drink, which totals $1.50, but the airline's price is $600 for potential customers who want to buy vacant seats on the day of the flight. Which economic principle is this airline failing to utilize?
Which of the following pairs of countries experienced approximately the same rate of growth of real income per person over about the last 120 years?
a. Germany and Japan b. Indonesia and Bangladesh c. the United States and Argentina d. Mexico and Pakistan