If all land had equal productivity, then
a. land rent would increase
b. differential land rents would not exist
c. location rent would not exist
d. locations rent would be everywhere the same
e. differential rent would increase
B
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Suppose that the alternative uses of an hour of your time in the evening, ranked from best to worst, are (1) study economics, (2i) watch two half-hour TV sitcoms, (3) play pool, and (4) jog around town. You can only choose one activity. What is the opportunity cost of studying economics for one hour, given this information? a. Jogging around town
b. Watching two half-hour TV sitcoms. c. Playing pool. d. The sum of watching two half-hour TV sitcoms, playing pool, and doing your laundry.
According to the textbook, the good that emerged as money in World War II POW camps was
A) tinned beef. B) toilet paper. C) cigarettes. D) cheese.