Unlike economic profit, economic rent:
A. only applies to land.
B. may not be driven to zero by competition.
C. doesn't involve opportunity costs.
D. can be less than zero.
Answer: B
You might also like to view...
Currently about what percentage of the civilian labor force is unionized in the United States?
A) 6 percent B) 12 percent C) 30 percent D) 70 percent
The idea that a large national debt is "mortgaging the future of our children and grandchildren" is misleading because:
a. it is the Federal Reserve that will be responsible for making interest payments on the debt. b. future generations will have to bear the opportunity costs of the resources that are used today. c. future generations will not be liable for the interest obligations of the national debt. d. future generations will inherit the interest income as well as the interest obligations.
Everything else being equal, one can expect the euro to appreciate relative to the dollar if
A. Americans decrease their travel to Germany. B. the Germans add to their holdings of U.S. Treasury bills. C. Americans purchase land in Germany and build factories. D. American exports to Germany increase.
Refer to the information provided in Figure 28.7 below to answer the question(s) that follow.
Figure 28.7Refer to Figure 28.7. If the economy is on SRPC2, then the expected inflation rate is
A. 4%. B. 5%. C. 6%. D. none of the above.