Because the supply curve for land is inelastic, the price of land ______.

If you are earning $20,000 this year and the CPI is 165, your real income in base year prices is

A) $121.21. B) $12,121.21. C) $20,000. D) $16,500. E) $33,000.

According to your text, many people don't understand how economic systems work because they

A) are too lazy to study them. B) don't think economic systems matter greatly. C) tend to look at them when they are not performing adequately. D) prefer to believe what they read or hear in the media. E) have not been trained in the scientific way of thinking.