Suppose an economist claims there are substitutes for wetlands. The person is saying
A) wetlands are of no value.
B) wetlands are worth less than their substitutes.
C) there is a cost to maintaining a wetland.
D) there is a cost to maintaining a wetland, and it is necessarily too high.
E) economists don't like wetlands.
C
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If there is no Ricardo-Barro effect, a government budget deficit will ________ the equilibrium real interest rate and ________ the equilibrium quantity of investment
A) raise; decrease B) raise; increase C) lower; increase D) not change; not change E) lower; decrease
Which of the following statements accurately characterizes the Homestead Act of 1862?
a. Southerner plantation owners were strongly opposed to the passage of this legislation. b. This legislation outlined the legal means by which a territory could become a state. c. Only farmers with families could purchase land made available by this legislation. d. This legislation made available some of the most fertile farming land in the U.S., yielding great benefits for small farmers.