George is debating whether to concentrate on playing professional football or professional baseball. He is offered $6 million a year to play baseball and $7 million a year to play football. If he chooses to play football
A) the economic rent in his salary is $7 million.
B) the economic rent in his salary is $6 million.
C) the economic rent in his salary is $1 million.
D) the economic rent in his salary is $13 million.
C
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By 1914 the American economy had transformed into an agricultural giant
Indicate whether the statement is true or false
Total welfare gains from trade to the economy can be measured by the sum of consumer and producer surplus
a. True b. False Indicate whether the statement is true or false
By excluding discouraged workers from the labor force,
A. the unemployment rate would fall. B. labor productivity increases. C. the unemployment rate would rise. D. the unemployment rate stays the same.
If an individual perfectly competitive firm charges a price below the industry equilibrium price, it will
A) not sell anything. B) sell part of what it produces. C) sell all that it produces and gain more revenue than competing firms will. D) sell all that it produces but gain less revenue than competing firms will.