Relative U.S. real wages and incomes played a role in influencing the decisions of foreign migrants
Indicate whether the statement is true or false
True
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Economic rent is:
A. the difference between the payment made to the owner of a factor of production and the owner's reservation price. B. sometimes higher and sometimes lower than the owner's reservation price. C. the amount people pay for an apartment in a perfectly competitive market. D. the payment made to the owner of a factor of production, which is usually equal to the owner's reservation price.
On account of a massive construction boom in a country, the demand for iron ore increases substantially. This causes iron ore prices to escalate. Producers increase iron ore mining considerably in the short run, in spite of knowing that this will adversely affect future availability of ore. Which of the following is most similar to the scenario described above?
a. Corn producers hoard their supplies in order to induce a price hike. b. Petroleum manufacturers increase extraction in response to sky-rocketing fuel prices. c. The government of a country makes aforestation mandatory for lumber firms. d. Impressive revenue generation induces the government of a country to impose additional fuel surcharge. e. To discourage smoking, the government of a country increases sales tax on cigarettes.
A monopolist will maximize profits by
a. setting the price at the level that will maximize per-unit profit. b. producing the output where marginal revenue equals total cost and charging a price along the demand curve. c. selling at the price on the demand curve at the output rate where marginal revenue equals marginal cost. d. producing at the output rate where price equals marginal cost.
The Forex is the smallest market in the world ?
A. True B. False