A+ ANSWERS OF THE FOLLOWING QUESTIONS

Question 1
In general, a plot of land goes to:
A. whomever the government designates.
B. the highest bidder.
C. the person who can make the best use of it.
D. the person who has been using the land over time.

Question 2
The supply of land is:
A. perfectly elastic.
B. relatively elastic.
C. relatively inelastic.
D. perfectly inelastic.

Question 3
Who wanted to tax away all rent from landlords?
A. David Ricardo
B. Henry George
C. Joseph Schumpeter
D. Frank Knight

Question 1
Which is NOT determined by supply and demand?
A. The wage rate
B. The interest rate
C. Rent
D. Profits
Question 2
“Profits are a reward for risk-bearing” would be a view held by:
A. Joseph Schumpeter.
B. Frank Knight.
C. Henry George.
D. Karl Marx.

Question 3
__________ sees the entrepreneur as an exploiter of labor.
A. Joseph Schumpeter

B. Frank Knight
C. Henry George
D. Karl Marx

Question 1
A change in rent will be brought about by a change in:
A. the supply of land.
B. the demand for land.
C. both the supply of and the demand for land.
D. neither the supply of nor the demand for land.

Question 2
Usury laws lead to:
A. a surplus of loanable funds.
B. a shortage of loanable funds.
C. a floor under interest rates.
D. more lenders than borrowers.

Question 3
Rent on marginal land is:
A. very high.
B. above 0.
C. 0.
D. negative.

Question 1
Henry George advocated each of the following EXCEPT that:
A. all land should be free.
B. all rents should be taxed away.
C. the government should raise all its tax revenue from a single tax on land.
D. since land did not really belong to the landlords, rent was an unearned surplus

Question 2
A change in rent will be brought about by a change in:

A. the supply of land.
B. the demand for land.
C. both the supply of and the demand for land.
D. neither the supply of nor the demand for land.

Question 3
Who wanted to tax away all rent from landlords?
A. David Ricardo
B. Henry George
C. Joseph Schumpeter
D. Frank Knight

Question 1
The predecessor to the AFL was the:
A. Teamsters Union.
B. Knights of Labor.
C. CIO.
D. The International Workers of the World.

Question 2
The __________ Act allows states to enact “right-to-work” laws.
A. National Labor Relations
B. Taft-Hartley
C. Landrum-Griffin
D. Sherman Antitrust

Question 3
An industrial union would be organized among a group such as:
A. air traffic controllers.
B. plumbers.

 

C. airline pilots.
D. steel workers.

 
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