Which of the following payments best exemplifies economic rent?
a. Paige and her roommates sent the landlord a $1,500 payment on the first of every
month.
b. Miguel let Call Co. place a cell tower on two acres of his bean field in exchange for
$45,000 per year.
c. Monica made $60,000 a year as a vacation rental agent for a lakefront property
company.
d. A freelance worker, Wei, bought a $550,000 condo in the city to be closer to his
clients.
b. Miguel let Call Co. place a cell tower on two acres of his bean field in exchange for
$45,000 per year.
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Suppose you must pay a non-refundable $200 down payment to order a new item. Pick the true statement below
A) The $200 represents a marginal cost before you commit to the down payment. B) The $200 represents a sunk cost after you've committed to the down payment. C) Both A and B are true. D) Neither A nor B are true.
Which is NOT an example of moral hazard
a. people eat more at all-you-can-eat buffets b. loggers clear-cut a tract of land rather than when paying per tree felled c. Drivers of heavier, safer cares are less likely to run stop signs d. workers on commission work harder than those paid an hourly wage
In international trade, an infant industry is one:
a. that protects firms that produce products for infants. b. with a large number of very small firms. c. in which the firms are experiencing very small profits. d. in the early stages of its development.
Money serves as a standard of deferred payment, which means:
a. it acts as an intermediary between the buyer and the seller. b. it will still hold its value. c. it is the ruler by which other values are measured. d. it must also be acceptable to make purchases today that will be paid in the future.