Economics 29 Flashcards
In general, a plot of land goes to:
- whomever the government designates
- the highest bidder
- the person who makes the best use of it
The highest bidder
The supply of land is
- perfectly elastic
- relatively elastic
- realtively inelastic
- perfectly inelastic
Perfectly inelastic
Who wanted to tax away all rent from landlords?
- David Ricardo
- Henry George
- Josephy Schumpeter
- Frank Knight
Henry George
Economists say that a dollar today is worth
- more than a dollar in the future
- less than a dollar in the future
- the same as a dollar in the future
more than a dollar in the future
Which is not determined by supply and demand?
- The wage rate
- the interest rate
- Rent
- Profits
profits
Profits are a reward for risk-bearing would be a view held by
- Josephy Schumpeter
- Frank Knight
- Henry George
- Karl Marx
Frank Knight
_____________________________ sees the entrepreneur as an exploiter of labor
- Joseph Schumpeter
- Frank Knight
- Henry George
- Karl Marx
Karl Marx
A change in rent will be brought about by a change in
- the supply of land
- the demand for land
- both the supply of and the demand for land
- neither the supply of nor the demand for land
the demand for land
Henry George advocated each of the following except that
- all land should be free
- all rents should be taxed away
- the government should raise all its tax revenue from a single tax on land
- since land did not really belong to the landlords, rent was an unearned surplus
all land should be free
The main factor in determining how much one plot of land is worth relative to another plot is
- its fertility
- the average amount of rainfall
- its location
- none of the choices are true
its location
In economics we say the amount of land is
- fixed
- variable
- boh fixed and variable
- neither fixed nor variable
fixed
Which of the following is NOT a source of profit?
- Innovation
- Wages
- Exercise of monopoly power
- Risk taking
Wages
The present value of $1000.00 received 2 years from now given the current rate of interest
- is less than the present value of $1000 received 1 year from now
- is the same as $1000.00 received 3 years from today
- is the same as $1000.00 received 1 year from today
- is less than $1000.00 received 3 years from today
is less than the present value of $1000 received 1 year from now
The suppl of land at a location is
- perfectly elastic
- described by an upward-sloping supply curve
- perfectly ineslastic
- dependent on the demand for land at that location
perfectly inelastic
Changes in land rents in the United States are chiefly the result of
- changes in the demand for land
- increased land fertility
- production of new land
- changes in the supply of land
changes in the demand for land