What are the earnings of a resource with a perfectly elastic supply curve called?
a. Transfer earnings
b. Dividends
c. Economic rent
d. Capital gain
e. Interest
a
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Suppose real GDP was 100 in year 1 and 105 in year 2. The growth rate of real GDP is
A) 0.5 percent. B) 1.5 percent. C) 2.5 percent. D) 5 percent.
In 2010, the U.S. government had tax revenues of $2,703 billion and outlays were $3,973 billion. The budget
A) deficit was $1,270 billion. B) deficit was $3,973 billion. C) surplus was $2,703 billion. D) was balanced because every dollar the government spends it must raise. E) surplus was $1,270 billion. The table above gives a nation's government outlays and tax revenues for 2008 through 2012.
For a given rate of interest, the total interest you receive from lending money
A) increases with the frequency of compounding. B) decreases with the frequency of compounding. C) is independent of the frequency of compounding. D) is greatest when there is no compounding.
If the price of the good increases,
a. MPP will increase b. MLC will increase c. MRP will increase d. MPP will decrease e. TLC will increase