Economic rent is defined as
A) the price of a factor of production that is fixed in supply.
B) the surplus received by employing a factor of production in its highest-valued use.
C) the revenue received by a factor of production with an upward-sloping supply curve.
D) what you pay to rent your apartment or house.
A
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The impact of an increase in the wage rate on labor demand is represented by ________, assuming all else equal
A) rightward shift in the demand curve for labor B) upward movement along the demand curve for labor C) leftward shift in the demand curve for labor D) downward movement along the demand curve for labor
Explain why the portion of the national debt owed to foreigners is a serious matter, whereas the portion owed to U.S. citizens is of less concern. Why does the U.S. national debt pose less of a problem than the debts of Greece in 2010?
The President's statement that "to encourage economic growth, taxes should be cut"
A. would be a statement of mercantilist economic philosophy. B. would be an example of a microeconomic statement. C. would be an example of a positive statement. D. would be an example of a normative statement.
The market prices of existing bonds are
A. not related to the interest rate. B. inversely related to the interest rate. C. stated in terms of the interest rate. D. directly related to the interest rate.