If the supply curve for land was a vertical line, then any payment made for land would be considered
A. as an opportunity lease payment.
B. as economic lease.
C. as economic rent.
D. as economic interest.
Answer: C
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Positive economic profits exist for a firm in the long run if price is above
a. long-run average cost. b. long-run marginal cost. c. long-run total cost. d. long-run variable cost.
Countries with more economic freedom during 1980-2009 tended to do which of the following?
What will be an ideal response?
Cutting the poor off welfare is
A. the liberal position. B. the conservative position. C. both the liberal and the conservative position. D. neither the liberal nor the conservative position.
One problem with cost-plus regulation is that:
A. government ownership is often inefficient. B. consumers would be willing to pay more for higher quality goods. C. it blunts regulated firms' incentives to cut costs. D. there is no way for a regulated firm's owners to recoup their opportunity costs.