A business owner makes 50 items a day. Each day he/she contributes 8 hours to produce those items. If hired, elsewhere he/she could have earned $10 an hour. The item sells for $10 each. Production does not stop during weekends. If the explicit costs total $10,00 . for 30 days, the accounting profit for the month equals:

When the price level rises, the real interest rate ________ and the quantity of real GDP demanded ________

A) rises; increases B) rises; decreases C) falls; increases D) falls; decreases E) does not change; does not change

Ricardo's assumption for economic rents for land was based on

A) the supply of land being a fixed quantity. B) a shortage of land. C) a surplus of land. D) total government control of land.