Economic rent is
A. the return to landlords.
B. a payment for the use of any resource above its opportunity cost.
C. a payment for land, an apartment, or a house that one does not own.
D. the return to owners of farmland.
Answer: B
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Which figure above shows the effect if research is published claiming that eating pizza is healthy?
A) Figure A B) Figure B C) Figure C D) Figure D E) Both Figure A and Figure D
Refer to Figure 3-4. At a price of $25, how many units will be supplied?
A) 400 B) 500 C) 600 D) 800
The game in the figure shown is a version of:
This figure shows the payoffs involved when Sarah and Joe work on a school project together for a single grade. They both will enjoy a higher grade when more effort is put into the project, but they also get pleasure from goofing off and not working on the project. The payoffs can be thought of as the utility each would get from the effort they individually put forth and the grade they jointly receive.
A. the prisoner's dilemma.
B. the first-mover advantage.
C. a sequential game.
D. a repeated game.
The "tragedy of the commons" refers to
a) farmers who allow their livestock to overgraze their fields b) the acceptance of deplorable working conditions by those who lack the human capital to obtain a better job c) the absence of incentives to prevent the overuse and depletion of a commonly used resource d) the tendency for bureaucrats to maximize their budget