Rents
A. have no useful economic purpose.
B. have a distributional function since they affect incomes, but have no allocative function since the resource is in fixed supply.
C. have an allocative function since they help decide to which use a resource will be put.
D. have an economic purpose only if they are taxed and provide revenue to the government.
Answer: C
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Recall from your reading of the text: Which game or sport contains the same strategic elements as the management of a firm in oligopoly?
a. darts b. 50 meter hurdles c. chess d. speed skating e. solitaire
According to the textbook, The Wonderful Wizard of Oz is alleged to be a story about
A) the California gold strikes of 1849. B) the end of the gold standard in 1934. C) the presidential election of 1896. D) the financial panic of 1907.
Which is the most accurate statement?
A. The authority to run welfare programs resides mainly in the states. B. The authority to run welfare programs resides mainly in the federal government. C. When the 1996 welfare reform passed, it immediately removed 3 million people from the welfare rolls. D. The welfare reform law of 1996 will virtually abolish welfare by the year 2008.
Please refer to the following diagram 
If the supply curve is S, at a price of $2 there will be a
A. shortage of 1. B. surplus of 1. C. shortage of 2. D. surplus of 2.