A key assumption of David Ricardo's economic rent concept was that
A) all land is equally productive.
B) land is too differentiated to be able to measure.
C) only land in large cities matters.
D) land is always cheap and needs development.
Answer: A
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In New York City, about 1 million apartments are subject to rent control by the local government. Rent control
A) puts a legal limit on the rent that landlords can charge for an apartment. B) is a government policy which limits apartment rental to those people whose incomes are less than $50,000 per year. C) is a price floor which sets a minimum rent for apartments. D) only applies to those apartments which are owned and rented out by the local government.
If income doubles and the quantity demanded of good X more than doubles, then good X can be described as a
a. substitute good. b. complement good. c. necessity. d. luxury.