Economic rent is the amount of money above and beyond that necessary to keep the factor of production employed where it is
a. True
b. False
Indicate whether the statement is true or false
True
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What are the different things that are not accounted for in the calculation of the GDP of a country?
What will be an ideal response?
A tax cut ________ aggregate demand and ________
A) decreases; shifts the AD curve rightward B) increases; shifts the AD curve leftward C) increases; shifts the AD curve rightward D) decreases; shifts the AD curve leftward E) does not change; does not shift the AD curve
An increase in the price of jet fuel will ________ airline travel and the equilibrium quantity of airline travel will ________
A) decrease the supply of; decrease B) increase the demand for; increase C) decrease the supply of; increase D) decrease the demand for; decrease
If an average cost pricing rule is imposed on the natural monopoly shown in the figure above, then the price will be
A) $2. B) $4. C) $5. D) $6.