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Economics 29 > Economics 29 > Flashcards

Economics 29 Flashcards

1
Q

In general, a plot of land goes to:

  • whomever the government designates
  • the highest bidder
  • the person who makes the best use of it
A

The highest bidder

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2
Q

The supply of land is

  • perfectly elastic
  • relatively elastic
  • realtively inelastic
  • perfectly inelastic
A

Perfectly inelastic

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3
Q

Who wanted to tax away all rent from landlords?

  • David Ricardo
  • Henry George
  • Josephy Schumpeter
  • Frank Knight
A

Henry George

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4
Q

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
A

more than a dollar in the future

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5
Q

Which is not determined by supply and demand?

  • The wage rate
  • the interest rate
  • Rent
  • Profits
A

profits

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6
Q

Profits are a reward for risk-bearing would be a view held by

  • Josephy Schumpeter
  • Frank Knight
  • Henry George
  • Karl Marx
A

Frank Knight

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7
Q

_____________________________ sees the entrepreneur as an exploiter of labor

  • Joseph Schumpeter
  • Frank Knight
  • Henry George
  • Karl Marx
A

Karl Marx

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8
Q

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
A

the demand for land

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9
Q

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
A

all land should be free

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10
Q

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
A

its location

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11
Q

In economics we say the amount of land is

  • fixed
  • variable
  • boh fixed and variable
  • neither fixed nor variable
A

fixed

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12
Q

Which of the following is NOT a source of profit?

  • Innovation
  • Wages
  • Exercise of monopoly power
  • Risk taking
A

Wages

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13
Q

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
A

is less than the present value of $1000 received 1 year from now

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14
Q

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
A

perfectly inelastic

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15
Q

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
A

changes in the demand for land

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16
Q

Which statement is true?

  • Rent and wages, but not interest, are determined by supply and demand
  • Wages and interest, but no rent, are determined by supply and demand
  • Rent and interest, but not wages, are determined by supply and demand
  • Rent, interest, and wages are determined by supply and demand
  • None of the statement are true
A

Rent, interest and wages are determined by supply and demand

17
Q

If Bristol Myers Squibb discovered a miracle drug that cured some forms of cancer, which theory would apply to the profits it earned?

  • Reward for innovation
  • Reward for risk-taking
  • Monopoly profits
  • All of the choices are true
  • None of the choices are true
A

All of the choices are true

18
Q

The horizontal dotted line is

  • a price ceiling
  • a price floor
  • can be either a price ceiling or a price floor
  • is neither a price ceiling nor a price floor
A

a price ceiling

19
Q

Which statement is true?

  • Usury laws enable banks to charge higher credit card interest than the price mechanism would allow
  • Usury laws prevent banks from charging higher credit card interest rates that the price mechanism owuld allow
  • Usury laws have never had any effect on how much interest is charged
  • None of the statements is true
A

Usury laws prevent banks from charging credit card interest rates that the price mechanism would allow

20
Q

Usury is considered the charging of

  • higher interest rates than people are willing to pay
  • lower interest rates than people are willing to pay
  • unconscionably high interest rates
  • extremely low rates of interest
A

unconsciounably high interest rates

21
Q

Which statement is true?

  • Usury laws hurt some borrowers, but dont interfere with the price mechanism
  • Usury laws hurt some borrowers and interfere with the price mechanism
  • Usury laws interfere with the price mechanism but don’t hurt borrowers
  • Usury laws neither interfere with the price mechanism nor hurt borrowers
A

Usury laws hurt some borrowers and interfere with the price mechanism

22
Q

If there were no usury law the interest rate would be ____________________%.

  • under 18
  • 18
  • 22
  • 24
  • 28
A

under 28

23
Q

Usury laws are popular with _________________.

  • the public and with economists
  • the public but not with economists
  • economists but not with the pubic
  • neither the public nor with economists
A

the public but not with economists

24
Q

Which of these does not interfere with the price mechanism?

  • Usury laws
  • Minimum wage laws
  • Farm price supports or price floors
  • The law of supply and demand
A

The law of supply and demand

25
Q

Which is the most accurate statement?

  • Fringe and sub-prime lending should be outlawed
  • Poor people cannot get loans in the United States
  • Payday lenders like the Military Financial Network make a low interest loand to our military personnel.
  • When poor people get personal loans, they usually pay much higher interest rates than the average American
A

When poor people get personal loans, they usually pay much higher interest rates than the average American

Economics 29 (1 decks)

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