Refer to the scenario above. In this case, how much should Tom pay for a used iPhone?
A) $80
B) $40
C) $60
D) $0
B
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Economists define the rent of a resource as the
a. value of the resource b. difference between what the resource is paid on the market and the cost of bringing that resource into production c. present value of the resource d. land-profit generated by the resource e. opportunity cost of using the resource in production
In the United States, paper currency is printed at the
A) Bureau of Engraving and Printing. B) Federal Reserve District banks. C) U.S. Mint. D) U.S. Treasury.
What effect do import restrictions have on prices?
a. They cause prices to rise. b. They cause prices to drop. c. They often cause prices to rise steeply and then drop. d. They usually do not have any lasting effect on price.
Label the long-run supply curve.
