A key assumption of David Ricardo's economic rent concept was that
A. all land is equally productive.
B. land is always cheap and needs development.
C. land is too differentiated to be able to measure.
D. only land in large cities matters.
Answer: A
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Farmers selling some of their soybeans in storage because they anticipate a lower price of soybeans in the near future would cause a
A. movement up along the current supply curve of soybeans. B. rightward shift in the current supply of soybeans. C. movement down along the current supply curve of soybeans. D. leftward shift in the current supply of soybeans.
What is the utilitarian idea of fairness and what is wrong with it?
What will be an ideal response?
The efficient level of paper production will occur where the
A) marginal private benefit from consuming paper is equal to the marginal social cost of production. B) marginal social benefit from consuming paper is equal to the marginal social cost of production. C) production of paper no longer produces negative externalities. D) economically efficient level of the output of paper is equal to the economically efficient level of inputs.
Using a carefully-labeled graph, explain the Life Cycle Hypothesis. What are some of the implications of the Life Cycle Hypothesis?
What will be an ideal response?