For superstar athletes
A) their entire earnings are economic rent.
B) part of their earnings are economic rent.
C) none of their earnings are economic rent since rent doesn't apply to labor.
D) none of their earnings are economic rent since they will do some other work once they are too old to be an athlete.
Answer: B
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If potential GDP for the first quarter of 2013 = $75.8 billion, and real GDP for the first quarter of 2013 = $80.3 billion, then the output gap was
A) -5.9%. B) -5.6%. C) 5.6%. D) 5.9%.
Which of the following Fed actions would increase the level of total bank reserves?
a. buying securities from individuals or businesses b. selling securities to commercial banks c. reducing reserve requirements d. raising the discount rate
A tariff on a particular good does which of the following?
A. It increases the net-of-tariff price received by foreign producers. B. It increases the price of the good to domestic consumers. C. It redistributes income away from domestic producers toward domestic consumers. D. none of the above
The school of engineering at a modern university would be a supporter of the new
A. consumption theory. B. growth theory. C. monetary theory. D. construction theory.