________ paid for the use of land; ________ paid for the services of labor; and ________ paid for the use of capital
A) Rent is; wages are; interest is
B) Rent is; interest is; wages are
C) Interest is; wages are; profit is
D) Mortgages are; interest is; wages are
E) Rent is; wages are; profit is
A
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Normal profit is a term for:
a. explicit profit. b. the minimum profit to keep a firm in operation. c. the accounting profit forgone. d. pure economic profit.
Ginger quits her job as personal secretary to the Vice President of HR Technologies because she cannot handle the stress. It takes her three weeks to find a job as a receptionist at Mariam Hotels and Resorts. Over these three weeks, she would be considered frictionally unemployed
a. True b. False Indicate whether the statement is true or false
Technological change that affects the marginal products of high-skilled and low-skilled workers differently is called ________ technological change.
A. high-low B. capital-labor C. skill-biased D. marginal-productivity
A key implication of the policy irrelevance proposition is that
A. only unanticipated policy actions can influence real Gross Domestic Product (GDP). B. only fully anticipated policy actions can influence real Gross Domestic Product (GDP). C. the rational expectations hypothesis is incorrect. D. none of these.