Economic rent is
A) the return to owners of farmland.
B) the return to landlords.
C) a payment for the use of any resource above its opportunity cost.
D) a payment for land, an apartment, or a house that one does not own.
Answer: D) a payment for land, an apartment, or a house that one does not own.
You might also like to view...
A buyer is said to be a price taker if she:
A) can bargain over the prices of the goods she consumes. B) can purchase any amount of a good at a fixed price provided she has the money to pay for it. C) always pays less than the market-determined price for the goods she is consuming. D) ignores the prices of related goods and considers only the price of the goods she is purchasing.
The bowed shape of the per-worker production function is caused by
A) wealth effects that reduce labor supply. B) diminishing marginal productivity of capital. C) increasing marginal productivity of labor. D) increasing marginal productivity of capital.
In the United States in the 1920s, there were many bank failures in ___ areas, as the result of ___
a. rural, high levels of indebtedness taken on in WWI b. rural, pro-urban Federal spending policies c. urban, lack of demand from the lower middle class for industrial products d. urban, pro-rural Federal spending policies
Studies show that the supply curve for oranges has shifted. Which of the following could not explain the shift of the supply curve?
a. Weather conditions have changed. b. The price of fertilizer has changed. c. The wage paid to orange pickers has changed. d. The price of oranges has changed. e. The demand for grapefruit has changed.