Asked by Joshua Najera on Apr 29, 2024
Verified
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
E) Pierre-Joseph Proudhon
David Ricardo
A British political economist known for his theory on comparative advantage, implying that countries should specialize in and trade goods in which they have a relative efficiency.
Theory Of Rent
A principle explaining how the price and allocation of land and its resources are determined based on their use, productivity, and locational advantages.
- Learn about the intricacies of rent, the use of land, and their significance in economic scenarios.
Verified Answer
AF
Ashlee FendallMay 03, 2024
Final Answer :
B
Explanation :
The theory of rent was formulated by David Ricardo and is still used by most economists today to explain the value of natural resources and the role of scarcity in economic decision-making.
Learning Objectives
- Learn about the intricacies of rent, the use of land, and their significance in economic scenarios.