Which of the following is not how economists describe the term "economic rent?:
A. The rental price of a factor of production minus the cost of supplying it.
B. The producer surplus in output markets.
C. The gains that workers and owners of capital receive from supplying their labor or machinery in factor markets.
D. The total revenue that a factor of production earns its owner.
Answer: D
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If the growth rate for GDP was 9 percent and GDP in year 1 was 100, then GDP in year 2 would be
A) 90. B) 109. C) 190. D) 199.
A positive externality clearly occurs when
A) a person behaves in the public interest. B) a person's action unintentionally benefits other people. C) a person behaves only with courtesy and social grace. D) a person couldn't care less about anybody else.
Which statement most accurately describes what happens when both supply and demand curves shift?
a. When both curves shift, typically we can determine the overall effect on price and on quantity. b. When both curves shift, typically we can determine the overall effect on price but not on quantity. c. When both curves shift, typically we can determine the overall effect on price or on quantity, but not on both. d. When both curves shift, typically we can determine the overall effect on quantity, but not on price.
The study of health care provision in Delhi, India by Hammer and Das found:
A. doctors in public clinics were often more creative in diagnoses and care than doctors in private facilities. B. the implementation of national healthcare provisions had strong associations with quality of care. C. unless doctors were intrinsically motivated, no incentive exists for them to provide high quality care. D. doctors often worked at or beyond their knowledge frontier.