Who is most likely to be earning economic rent?
A. A landlord
B. A postal employee
C. Someone who lives in a rental apartment
D. A major league baseball player
D. A major league baseball player
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In the simple circular flow
A) producers trade goods and services for monetary payments in the product market. B) consumers trade resources for goods and services in the factor market. C) businesses trade goods and services for resources in the product market. D) consumers trade goods and services for monetary payments in the factor market.
Financial assets that represent the partial ownership of a firm and ability to share in its profits are called:
A. debt certificates. B. equities. C. intermediaries. D. credit risks.
The basic characteristic of the short run is that:
A. a firm does not have sufficient time to change the amounts of any of the resources it employs. B. the firm does not have sufficient time to cut its rate of output to zero. C. barriers to entry prevent new firms from entering the industry. D. the firm does not have sufficient time to change the size of its plant.
Refer to the given data. If Landia and Scandia fully specialize based on comparative advantage, their aggregate output will be:
Answer the question on the basis of the following production possibilities data for Landia and Scandia:
A. 48 chips and 8 fish.
B. 40 chips and 16 fish.
C. 36 chips and 10 fish.
D. 42 chips and 12 fish.