A portion of a worker's earnings is rent if
A) the worker was the last person hired at the going wage rate.
B) the supply curve of labor is horizontal.
C) the worker would accept a small wage cut without quitting or working for someone else.
D) the worker has industry-specific skills.
C
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Skills, talents, and abilities that people possess can be categorized best as:
a. Human resources b. Tangible resources c. Capital resources d. Financial resources
Tariffs are different from quotas because they
a. increase government revenue. b. increase profits. c. increase the quantity traded. d. place all the burden on foreigners.
Most economists believe that classical theory describes the world in the short run but not in the long run
a. True b. False Indicate whether the statement is true or false
Economists disagree about exactly what causes recessions; there is general agreement, however, on one of the following factors as a major part of any adequate explanation:
What will be an ideal response?