Economic rent is the amount of money that _________________________________.
Fill in the blank(s) with the appropriate word(s).
resources are paid beyond what would be necessary to bring them to the market
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The difference between the buyer's opportunity cost and the seller's valuation defines the zone of agreement in which the agreement will benefit both parties
Indicate whether the statement is true or false
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the short run would be:
A. P1 and Y2. B. P3 and Y1. C. P2 and Y2. D. P2 and Y3.
A person states that "a large public debt will bankrupt the U.S. government." An economist is likely to respond:
A. yes because this public debt will reduce our ability to borrow the necessary funds from foreign nations. B. yes because a large public debt means that the U.S. government will not be able to meet its financial obligations. C. no because the government can refinance the public debt by selling new bonds. D. no because most of the public debt is held by foreign nations.
All of the following are true regarding the current status of labor unions EXCEPT
A) organized labor's heyday occurred from the 1940s through the 1970s. B) part of the explanation for the decline in union membership has to do with the shift away from manufacturing. C) the deregulation of certain industries has also contributed to a decline in unionism. D) recent labor laws have diminished worker's rights.