A payment for the use of an input that exceeds the opportunity cost of the input is known as
A. real interest.
B. economic profit.
C. economic cost.
D. economic rent.
Answer: D
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Resources that ________ protected by well-defined property rights are in ________ of being depleted
A) are; great danger B) are; absolutely no danger C) are not; the greatest danger D) are not; little danger
The nice thing about foreign exchange markets is that the goods are money, and they are paid for with money. This means that if the U.S. dollar ____ the Japanese yen ____
a. goes down; goes down b. goes up; goes up c. buys more yen; buys more dollars d. buys fewer yen; buys fewer dollars e. buys more yen; buys fewer dollars
Other things the same, as the real interest rate rises
a. domestic investment and net capital outflow both rise. b. domestic investment and net capital outflow both fall. c. domestic investment rises and net capital outflow falls. d. domestic investment falls and net capital outflow rises.
The demand curve for product X is given by QX = 50 - 2PX. How much consumer surplus do consumers receive when PX = $5?
A. $100. B. $200. C. $400. D. $500.