In the Historical Perspective "The Corn Laws Controversy in 19th-Century England," the implication of David Ricardo's theory of differential rent is that
a. high rents were the main cause of high food prices in 19th-century England
b. price is rent determining; rent is not price determining
c. international trade ought to be restricted since it is instrumental in protecting landowners' rents
d. land rents are part of the cost of food production
e. differential land rents do not exist
B
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Which among the following will happen if the Fed buys bonds from a private bank?
A) The private bank's total assets will decrease. B) The Fed's total assets will decrease. C) The private bank's total assets will increase. D) The Fed's total liabilities will increase.
Milton Friedman and Edmund Phelps questioned
A) the use of expectations in the Phillips curve. B) the stability of the relationship between inflation and unemployment. C) the existence of a natural rate of unemployment. D) the existence of a full-employment level of output.