Economic rents are typically counted as:
A) accounting costs but not economic costs.
B) accounting and economic costs.
C) economic costs but not accounting costs.
D) none of the above
C
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The tax represented here is
A. progressive.
B. proportional.
C. regressive.
D. None of these choices
Which one of the following would count as investment in the GDP accounts?
a. Purchase of a new airplane by an airline. b. Purchase of a U.S. government bond. c. Purchase of 100 shares of Wal-Mart stock. d. Purchase of an existing house.
The existence of alternative uses of a resource implies that it is:
A) free. B) scarce. C) expensive. D) plentiful.
Which of the following is most likely to be sold in a perfectly competitive market?
A. Wheat B. Law School Admission Test (LSAT) tutoring C. Automobiles D. Fast food