If, in response to a growing demand for food, farmers create productive acreage by draining swamps,
a. the supply curve of land will be vertical
b. these new acres will generate the largest rents of all acreages
c. the MRP of land will increase
d. all land will earn zero rents because of competition
e. differential land rents will result
E
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A subprime mortgage is: a. a mortgage in which the borrower gets an interest rate below the prime rate. b. a mortgage in which the interest rate is adjustable
c. a mortgage for which the home is valued below its true market value. d. a mortgage in which the borrower has a poor credit rating. e. a mortgage for a home that was in foreclosure.
Bonds are a __________ liquid asset than other loans because they _____________.
A. more; are standardized B. more; are guaranteed from default by the government C. less; are standardized D. less; are guaranteed from default by the government