In an input market, economic rent is defined as the:
a. total remuneration paid to a factor of production.
b. minimum amount required to retain a factor of production in its present use.
c. total cost for a firm of renting land, equipment, and buildings.
d. extent to which payments to a factor of production exceed the minimum amount required to retain it in its present use.
d
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Which statement about the economic impact of immigration is true?
a. State and local governments bear most of the costs of immigration. b. The federal budget pays the costs associated with educating immigrants. c. Immigration tends to have a positive effect on state and local budgets. d. Immigration tends to have a negative effect on the federal budget.
Oligopoly is characterized by:
A. few sellers. B. no barriers to entry. C. inability to set price. D. low market concentration.
International trade has the potential to
A. increase the availability of goods and services to those nations that export more than they import. B. increase the availability of goods and services to those nations that have an absolute advantage in the production of a good or service. C. increase the availability of goods and services to all nations. D. decrease the availability of goods and services to all nations.
If the British sell more Rolls Royce cars to the United States, the United States __________ more pounds and __________ more dollars in the foreign exchange market
A) supplies; supplies B) supplies; demands C) demands; supplies D) demands; demands