The concept of economic rent can be applied to
A. land only.
B. land, natural resources, and paintings by dead masters only.
C. any resource that cannot be replicated exactly.
D. land and natural resources only.
Answer: C
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Which of the following is most commonly used to monitor short-run changes in economic activity?
a. the inflation rate. b. real GDP. c. interest rates. d. value of the U.S. dollar in the foreign exchange market.
Recall the Application about growth in China and India to answer the following question(s). From 1978 to 2004, China grew at a rate of 9.3 percent per year and India grew at a rate of 5.4 percent per year.According to this Application, China's growth rate was faster than India's during this 26 year period because:
A. China received more contributions from human capital than India received. B. China invested more in physical capital than India invested. C. China's growth was based more on human capital and India's growth was based more on physical capital. D. China's growth was based more on human capital and India's growth was based more on technological progress.
Assume the production of a particular good is characterized by significant economies of scale. In addition, three different versions of the good can be produced, and large segments of the population prefer different versions of the good
In this case, the preferred market structure for this good would be: A) perfect competition. B) monopoly. C) monopolistic competition. D) oligopoly.
If the simple quantity theory of money predicts well, what would we expect to see (in the real world)?
A) changes in the money supply strongly correlated with changes in interest rates B) changes in the money supply strongly correlated with changes in inflation rates C) changes in Real GDP strongly correlated with changes in the money supply D) changes in velocity strongly correlated with changes in the money supply E) none of the above