The existence of wage-related rent
a. is explained by the fact that people have different opportunity costs
b. is explained by the fact that some people who work also own land
c. indicates that wage rates can be higher than rents
d. is a contradiction because workers' incomes derive from labor
e. result from the different productivities of workers
A
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An office supply store sells a ream of printer paper at a fixed price of $4.50. Which of the following is a term used by economists to describe the money received from the sale of an additional ream of paper?
A) pure profit B) gross earnings C) marginal costs D) marginal revenue E) net benefit
If smartwatches are considered substitutes for smartphones, the decline in the price of smartphones would, all else equal,
A) decrease the demand for smartwatches. B) increase the demand for smartwatches. C) increase the quantity of smartwatches demanded. D) decrease the quantity of smartwatches demanded.
Which of the following would be efficient from an economic perspective?
a. Reducing the crime rate to zero b. Changing speed limits and safety requirements so that there were no traffic fatalities or injuries each year. c. Completely eliminating the emission of greenhouse gases d. None of the above would be efficient from an economic perspective.
An ethanol producer purchases 10 futures contract of corn for delivery in December for a price of $4/bushel.What is the total gain or total loss to the ethanol producer if the price then increases to $5/bushel?
A. Total gain of $250,000. B. Total loss of $50,000. C. Total gain of $50,000. D. Total loss of $200,000.