A payment for the use of any resource over and above its opportunity cost is called
A. accounting profit.
B. normal cost.
C. economic profit.
D. economic rent.
Answer: D
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The Federal Reserve lowers interest rates. As a result, in the short run, real GDP ________ and the price level ________
A) increases; rises B) increases; falls C) decreases; rises D) decreases; falls
The above figure shows the Lorenz curves for four different countries. If country C implemented a policy of redistribution from rich to poor, its Lorenz curve would
A) move toward country B's. B) move toward country D's. C) become positively sloped. D) move above the line of equality.
Refer to Figure 11-15. Suppose Hilda hires labor at $8 per hour and capital costs $10 per unit. What is the minimum cost of producing 200 gooseberry pies?
A) $3,600 B) $1,120 C) $592 D) $560
Describe four of the five major income maintenance programs in the United States that were discussed in the text
What will be an ideal response?