1. Based on your knowledge of the market for land, which of the following statem

Question

1. Based on your knowledge of the market for land, which of the following statements is true? Statement 1: The price of goods at a store is high because the store pays high rent. Statement 2: The rent paid by a store is high because it can charge high prices for its goods.

Which statement is true?

2. Land is considered to be a natural resource that has:     
          
             
A.A perfectly inelastic supply.

B.A relatively elastic supply.

C.A supply curve that is downward sloping.

D. A perfectly elastic supply.

3.The supply of loanable funds is positively sloped because:     
             
A.Higher interest rates lead to more funds being borrowed by borrowers.
B.Higher interest rates lead to less funds being saved by savers.
C. Higher interest rates lead to more funds being saved by savers.
D. Higher interest rates lead to less funds being borrowed by borrowers.

Explanation / Answer

1-2: The rent paid by a store is high because it can charge high prices for its goods.=true

2-C.A supply curve that is downward sloping.

3-A.Higher interest rates lead to more funds being borrowed by borrowers.

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