A payment for a resource above its opportunity cost is known as:
a. an interest payment.
b. a sunk cost
c. featherbedding.
d. an economic rent.
d
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According to the quantity theory of money, the inflation rate equals
A) real output minus the money supply. B) the growth rate of the money supply minus the growth rate of real output. C) the growth rate of real output minus the growth rate of the money supply. D) the money supply minus real output.
At the competitive equilibrium with a positive proportional labor income tax
A) the real wage after tax exceeds the marginal product of labor. B) the real wage after tax equals the marginal product of labor. C) the real wage after tax is lower than the marginal product of labor. D) We cannot say.
Refer to Figure 8.6, which shows just three of a firm's various possible short-run average cost curves. Which of the following statements is true?
A. The firm experiences increasing returns to scale at production levels above 130 units of output.
B. The firm experiences constant returns to scale.
C. The firm experiences increasing returns to scale up to a production level of 130 units of output.
D. The firm experiences decreasing returns to scale up to a production level of 130 units of output.
Other things the same, higher population growth
a. raises the amount of physical capital per worker and there is some evidence that it raises the pace of technological progress. b. raises the amount of physical capital per worker, but there is some evidence that it reduces the pace of technological progress. c. reduces the amount of physical capital per worker, but there is some evidence that it raises the pace of technological progress. d. reduces the amount of physical capital per worker and there is some evidence that it reduces the pace of technological progress.