Refer to exhibit 30 1 suppose the supply curve is s 1

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24.Refer to Exhibit 30-1. Suppose the supply curve is S1and the price is A. Pure economic rent equals areaa.ABD.b.EBA.c.ODBC.d.EBD.e.none of the above
____25.Refer to Exhibit 30-1. Suppose the supply curve is S2and the price is A. Economic rent equals area
____26.Land can earn economic rent, and so can
____27.Many years ago someone developed an item that was simply a small rock inside a box with holes. The personearned large profits from selling "pet rocks." Which of the following theories on the source of profits bestdescribes the reason behind this success?
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Chapter 1 / Exercise 74
Intermediate Algebra
Tussy/Gustafson
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____28.An increase in the anticipated (or expected) rate of inflation will cause the nominal interest rate toa.increase by less than the change in the anticipated inflation rate.b.increase by the same amount as the change in the anticipated inflation rate.c.decrease by more than the change in the anticipated inflation rate.d.decrease by the same amount as the change in the anticipated inflation rate.e.stay the same.
____29.If the nominal interest rate is 14 percent and the real interest rate is 6 percent, then the expected rate ofinflation is
____30.Profits are income to
____31.What is the approximate present value of $8,000 received four years from today if the interest rate is 12percent?
____32.What is the present value of a future income stream of three $12,000 payments to be received one, two, andthree years from today if the interest rate is 2.8 percent?a.$32,799b.$34,074c.$28,134d.$11,046
Exhibit 30-4
____33.Refer to Exhibit 30-4. At the equilibrium point shown, what is the pure economic rent on land?
____34.Refer to Exhibit 30-4. Assume a per acre tax, T, is imposed on land use. The rent (per acre) of land serviceswill
____

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Term
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MASOOMIAN
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Intermediate Algebra
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Chapter 1 / Exercise 74
Intermediate Algebra
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