One example of Ricardian rent is
a. rent paid to landlords under price controls.
b. the difference between the wage of a star baseball player and what he could earn outside of baseball.
c. the amount paid to a seller above the equilibrium price of tourist class tickets in order to receive higher quality seats in first class.
d. the price rise of wool from a disease among sheep.
b
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What happens to supply when input costs go up?
(A) It decreases because consumers find a substitute product. (B) It decreases because the good becomes more expensive to produce. (C) It increases because the good becomes more expensive to produce. (D) It increases because the good becomes cheaper to produce.
The quantity of money demanded varies ____ with the nominal interest rate, but the supply of money is almost perfectly ____ with respect to nominal interest rates
a. inversely; elastic b. directly; elastic c. inversely; inelastic d. directly; inelastic