A portion of a worker's earnings is economic rent if the worker
A. has skills that make him more productive than an unskilled worker.
B. has been on the job for at least a year.
C. would accept a small reduction in pay without quitting.
D. was the last person hired at the going wage rate.
Answer: C
You might also like to view...
A persistent shortage of yen at a given fixed exchange rate (in dollars per yen) is evidence that the yen is ________ versus the dollar. This shortage can be reduced or eliminated through a ________ of the yen
A) overvalued; revaluation B) undervalued; devaluation C) overvalued; devaluation D) undervalued; revaluation
A tax inversion merger ________ legally reduce the combined firms' taxes and these mergers ________.
A) can; are only horizontal mergers B) cannot; are only vertical mergers C) can; can be horizontal or vertical mergers D) cannot; can be horizontal or vertical mergers
If the absolute price elasticity of demand of a good is 1.46, then the total revenues will increase if its market price
A) increases. B) decreases. C) stays the same. D) changes, but we can't tell without more information if the price increases or decreases.
All of the following are ways a business can earn economic profits except
A. Find new and better methods of production. B. Take above-average risks. C. Discover new products. D. Maximize implicit costs but not explicit costs.