David Ricardo used the example of land to demonstrate the concept of rent, as the supply of land is
A) perfectly elastic.
B) relatively elastic.
C) perfectly inelastic.
D) negatively sloped.
Answer: C
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The Federal Reserve's narrowest definition of the money supply is
A) M0. B) M1. C) M2. D) M3.
Individuals who are more risk averse
a. buy less insurance b. buy more insurance c. are not more or less inclined to buy insurance d. are philosophically opposed to insurance
Refer to Figure 24.3. Which of the following statements is true about the price elasticity of demand at price P3?
A. The price elasticity is zero. B. The price elasticity is inelastic. C. The price elasticity is unitary. D. The price elasticity is elastic.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point A. The opportunity cost of moving from Point A to Point B is the
A. 30 LCD televisions that must be forgone to produce 60 additional OLED televisions. B. 90 LCD televisions that must be forgone to produce 20 additional OLED televisions. C. 30 LCD televisions that must be forgone to produce 20 additional OLED televisions. D. 120 LCD televisions that must be forgone to produce 40 additional OLED televisions.