Payments to a factor of production in excess of the minimum payments necessary to call it into existence constitute
a. consumers' surplus
b. rent
c. a golden parachute
d. an efficiency wage
b. rent
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What criteria should be used in deciding the best definition of the money supply?
What will be an ideal response?
The monopolistically competitive firm differs from monopoly in that its
A. demand curve is flatter. B. demand curve slopes downward. C. MR curve lies below its demand curve. D. profit is maximized where MR = MC.
Fiscal policy changes in government spending and taxes primarily target the aggregate supply curve.
Answer the following statement true (T) or false (F)
One concern regarding the North American Free Trade Agreement (NAFTA) was that it would lead:
A. unskilled workers in the United States to lose their jobs. B. wages in Mexico to rise. C. the total value of goods and services produced by the United States to fall. D. highly skilled workers in the United States to lose their jobs.