A payment for the use of any resource over and above its opportunity cost is called
A) accounting profit.
B) economic profit.
C) normal cost.
D) economic rent.
Answer: D
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Variable costs are
a. costs that vary with output b. not important in decision making c. costs that do not vary with output d. equal to total costs
The largest regional trading bloc is the
a. North American Free Trade Agreement b. European Community c. Latin American Free Trade Agreement d. Asian Free Trade Agreement e. East Asian Cooperation Council
Economists argue that when the price of a textbook rises, students reduce their quantity demanded of textbooks. This cause-and-effect relationship holds only under conditions of
a. moderate price increases b. market flexibility c. complete information d. ceteris paribus e. consumer sovereignty
The "greenhouse effect" is predicted to
a. lead to the next ice age. b. raise global temperature. c. pollute the oceans. d. break the edifice complex by the turn of the century.