The Price of an Acre of Land in Rural Nevada

question 57

Multiple Choice

The price of an acre of land in rural Nevada is a few hundred dollars. The price of an acre of land in downtown New York is many millions of dollars. How does the law of one price explain this difference?

• A) It cannot; there are unexplainable exceptions to the law of one price.
• B) It suggests that in the long run price of land will be equalized regardless of location.
• C) The law of one price depends on the ability of resources to move; location by its very nature cannot be mobile.
• D) The law of one price applies only to resources involved in international trade.

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Definitions:

JButton

A graphical user interface component in Java Swing that represents a push button which can be clicked by the user.

Action Event

An event in programming that is triggered by the user performing a specific action, such as clicking a button or pressing a key.

Click

An action typically recognized by a computer program as the pressing and releasing of a button on a pointing device.