Chapter 29 Flashcards
In general, a plot of land goes to
B. The highest bidder
The supply of land is
D. perfectly inelastic
Who wanted to tax away all rent from landlords?
B. Henty George
Economists say that a dollar today is worth
A. more than a dollar in the future
Which is not a determined by supply and demand?
D. Profits
“Profits are dewar for risk-bearing” would be a view held by
B. Frank Knight
_______ seees the enterpreneur as an exploiter of labor.
D. Karl Marx
A change in rent will be brought about by a change in
B. the demand for land
Henry George advocated each of the following except that
A. all land should be free
The main factor in determining how much one plot of land is worth relative to another alot is
C. its location
In economics we say the amount of land is
A. fixed
Which of the following is NOT a source of profit?
B. Wages
The present value of $1000 recieved 2 years from now given the current rate of interested
A. is less than the present value of $1000 received 1 year from now
The supply of land at a location is
C. perfectly inelastic
Changes in land rents in the United STates are chiefly the results of
A. change in the demand for land
Which statement is true?
A. rent and wages, but not interest, are deteremined by the supply and demand
B. Wages and interest, but not rent, are determined by the supply and demand
C. Ren and interest, but not wages, are determined by supply and demand.
D. Rent, interest, and wages are determined by supply and demand
E. None of the statements are true.
D. Rent, interest, and wages are determined by supply and demand
If Bristol-Myers Squibb discovered a miracle drug that cured some forms of cancer, which theory would apply to the profits it earned?
D. All of the choices are true
The horizontal dotted line is
A. the price ceiling
Whic statment is true about usury laws?
B. Usury laws prevent banks from charging higher refit card interest rates that the price mechanism would allow.
Usuray is considered the charging of
C. unconscionably high interest rates
Which statement is true?
A. Usury laws hurt some borrowers, but don’t interfere with the price mechanism
B. Usury laws hurt some borrowers and interfere with the price mechanism
C. Usury laws interfere with the price mechanism, but don’t hurt borrowers
D. Usury laws neither interfere with the price mechanism, nor hurt borrowers.
B. Usury laws hurt some borrowers and interfere with the price mechanism
If there were no usury laws the interest rate would be ______%.
D. 28
Usury laws are popular with ______.
B. the public, but not the economists
Which of these does not interfere with the price mechanism?
D. The law of supply and demand
Which is the most accurate statement?
D. When poor people get personal loans, they usually pay much higher interest rates than the average American.
