When differences in land quality and access to marketplaces are very large and population grows rapidly, the conditions are ripe for
a. increasing differential and location rents
b. decreasing differential and location rents
c. decreasing differential rents and increasing location rents
d. increasing differential rents and decreasing location rents
e. marginal physical product of land to increase
A
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A) This is a normative statement. B) The federal government does not face scarcity. C) This topic would be studied in microeconomics. D) Social interest must always be more important than self-interest. E) Ceteris paribus does not apply to the government.
A sales tax on sellers of a good shifts the supply curve leftward because the tax is like a cost of production
Indicate whether the statement is true or false
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A) less; higher B) more; lower C) more; higher D) less; lower
During which decade were John Maynard Keynes' ideas challenged?
a. 1930s b. 1940s c. 1960s d. 1970s e. 1980s