Which of the following resource payments is considered by economists as surplus payments?
A. Wages for labor
B. Rent for land
C. Interest for capital
D. Profits for entrepreneurship
B. Rent for land
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Most natural monopolies are regulated at some level by a government because:
a. an unregulated natural monopolist would cause the problem of capital outflow. b. an unregulated natural monopolist would produce only for government bureaucrats. c. an unregulated natural monopolist would charge an inefficiently low price in the market. d. an unregulated natural monopolist would charge an inefficiently high price in the market. e. an unregulated natural monopolist would incur losses.
Which of the following is an example of a fiscal policy?
a. Raising the discount rate b. Reducing the reserve requirement c. Reducing government spending d. Pegging the currency
The principle that trade can make everyone better off applies to
a. individuals. b. families. c. countries. d. All of the above
The rate at which two currencies trade for each other is called the
A. exchange rate. B. price. C. cost. D. revenue.