Economic rent is broadly defined as
A) a payment received by a landowner.
B) a payment for the use of any resource that has a fixed supply.
C) the return to owners of farmland.
D) the dividend return on a share of stock.
B
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Differentiating products to suit customers' tastes is a form of price discrimination
Indicate whether the statement is true or false
Unemployment that results when individuals who have voluntarily quite their jobs are seeking jobs is called
A) cyclical unemployment. B) turnover unemployment. C) mismatch unemployment. D) natural unemployment.
Refer to Figure 36.5 for the dollar-euro foreign exchange market with the market exchange rate at P1. The European Union (EU) and U.S. governments have agreed on a fixed exchange rate of P2. This situation
A. Causes an excess demand for euros. B. Requires that the EU buy U.S. dollars. C. Causes a balance-of-payments deficit for the EU. D. Calls for an expansionary fiscal policy in the EU.
Which of the following factors would indicate a less elastic demand?
A. The good represents a large fraction of the budget. B. Demand is measured over a longer period of time. C. There are few substitutes. D. The price of the good is high.