The economic rent analysis does not apply to any factor
A. except land.
B. whose supply curve is vertical.
C. whose supply curve is horizontal.
D. whose quantity supplied is fixed.
Answer: C
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A market in which the money of one nation is exchanged for the money of another nation is a ________.
A. foreign exchange market B. resource market C. stock market D. bond market
The table below represents Freedonia's macroeconomic data for Year 1 and Year 2. Suppose that the production function is given by Y = AK0.25N0.75. Between Year 1 and Year 2, total factor productivity of Freedonia's economy increased by
A) -1.5%. B) 5.0%. C) 5.5%. D) 12.7%.
The cheapest way to produce a certain amount of output may vary between the short and long-run because:
a. all inputs can be adjusted in the long run. b. all inputs can be adjusted in the short run. c. input prices are fixed in the short run. d. prices increase over the long-run.
Price controls are usually enacted
a. as a means of raising revenue for public purposes. b. when policymakers believe that the market price of a good or service is unfair to buyers or sellers. c. when policymakers tax a good. d. All of the above are correct.