If a person is earning $80,000 per year as a dentist and could earn at most $45,000 per year doing something else, his transfer earnings are ____, whereas his economic rent is ____
a. $45,000 . $35,000
b. $80,000 . $45,000
c. $45,000 . $80,000
d. $80,000 . $35,000
e. $35,000 . $45,000
a
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An outside lag is
A) a policy aimed at increasing GDP. B) a policy aimed at reducing GDP. C) a lag in implementing policy. D) the period of time it takes for policies to work.
It is sometime useful to view each step in the supply chain as a(n)
A) single market. B) integrated process. C) horizontal process. D) vertical process.
When a price floor is imposed above the equilibrium price of a commodity,
a. quantity demanded will be greater than quantity supplied for the good. b. the quantity demanded by consumers will be greater than at the equilibrium price. c. a shortage of the good will develop. d. a surplus of the good will develop.
Which of the following guarantees the deposits in almost all banks up to a $250,000 limit per account?
a. the Federal Reserve b. the FDIC c. the U.S. Treasury d. Bank of America Corporation