Question 1 The theory of rent formulated by __________ is still used by most economists today. A. Karl Marx B. David Ricardo C. Frank Knight D. Joseph Schumpeter Question 2 When the demand for a plot of land falls its: A. supply will fall. B. supply will rise. C. price will fall. D. price will rise. Question 3 As the demand for land falls rents: A. rise and more marginal land comes into use. B. fall and less marginal land is used. C. rise and less marginal land is used. D. fall and more marginal land comes into use. Question 4 The concept that a dollar today is worth more than a dollar in the future is called: A. the net productivity of capital. B. economic rent. C. present value. D. the capitalization of assets.
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