True or False:
1. The Wagner Act protected the rights of workers to organize and bargain collectively.
2. Economic rent arises when a factor of production has a perfectly inelastic supply curve.
3. Because the supply of land is perfectly inelastic, the demand curve for land determines its price.
4. An increase in the demand for land will increase both its price and the quantity of land supplied.
5. The concept of economic rent applies only to land.
6. Economic rent is the payment to a resource above the amount necessary to induce the resource to be supplied.
7. At lower interest rates, the quantity of funds demanded will be greater.
8. At higher interest rates, the quantity of funds supplied will be greater.
9. If the interest rate rose, it would increase the present value of a given flow of future benefits.
10. Falling interest rates lead to greater investment, other things equal.