Land

question 41

Multiple Choice

Land

• A) is a nonrenewable resource.
• B) has an elastic supply but not perfectly elastic.
• C) is the only factor of production that is not traded in a market.
• D) has a perfectly inelastic supply.
• E) has a perfectly elastic supply.

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Definitions:

Present Value

The contemporary valuation of a future amount of money or cash flow sequence, based on an identified rate of return.

Corporate Profits Tax

A tax imposed by governments on the income of corporations, differentiating from personal income taxes.

Ceteris Paribus

A Latin phrase that means "all other things being equal," used in economics to isolate the effect of one variable changes while holding others constant.

Investment

Allocating financial assets or resources in the hope of receiving future income or profit.