Wealth is redistributed from debtors to creditors when inflation is
a. high, whether it is expected or not.
b. low, whether it is expected or not.
c. unexpectedly high.
d. unexpectedly low.
d
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When determining her accounting profit, an entrepreneur would include
A) her foregone wages. B) her foregone interest. C) her foregone rent. D) all of the above. E) none of the above.
Which of the following offers an example of frictional unemployment?
a. The rise in unemployment for stable workers after the development of gasoline-powered automobiles and the resulting long-tern decline in horse-and-buggy transportation. b. The rise in unemployment among farm workers after harvest. c. Unemployment resulting from the business cycle. d. None of the above are correct.
In a monopoly labor market, the optimal union wage can be read off the marginal revenue product curve.
Answer the following statement true (T) or false (F)
Superstar professional athletes can sustain their economic rents because:
A. team owners will pay anything to win a championship. B. they are represented by highly-skilled agents. C. they have unique talents that they can sell to the highest bidder. D. their opportunity costs of playing their sport are high.