Which statement is true?
A. All land has the same value.
B. The supply of land rises with demand.
C. The supply of urban land rises with increases in demand.
D. The rent on a particular piece of land is based on the supply of land.
C. The supply of urban land rises with increases in demand.
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According to chapter 1 in your textbook,
A) all economists approach questions with some preconceptions or prejudices. B) economists (and others) ought to approach all questions with a completely open mind, though they often do not. C) economists approach questions with more of an open mind than do most other social scientists. D) most economists approach questions with a completely open mind. E) most economists derive their conclusions from their political preferences.
If the economy is experiencing high rates of inflation due to a new housing bubble, what effects would expansionary monetary policy have on the economy?
A) It would reduce inflation as well as unemployment. B) It would raise inflation as well as unemployment. C) It would reduce inflation but cause unemployment to rise. D) It would raise inflation but would cause unemployment to fall.