Economic rent is broadly defined as
A. a payment received by a landowner.
B. a payment for the use of any resource that has a fixed supply.
C. the dividend return on a share of stock.
D. the return to owners of farmland.
Answer: B
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Net capital inflows equal:
A. domestic production. B. capital outflows minus capital inflows. C. international production. D. capital inflows minus capital outflows.
Increasing marginal opportunity cost means that the production possibility curve is:
A. bowed out so that for every additional unit of one good given up, you get more and more units of the other good. B. bowed in so that for every additional unit of one good given up, you get more and more units of the other good. C. bowed out so that for every additional unit of a good given up, you get fewer and fewer units of the other good. D. bowed in so that for every additional unit of one good given up, you get fewer and fewer units of the other good.
Historically, technology has:
A. worsened and the demand for labor has increased as output has decreased. B. improved and the demand for labor has decreased as output has increased. C. worsened and the demand for labor has decreased as output has decreased. D. improved and the demand for labor has increased as output has increased.
Between 2000 and 2007, many Americans borrowed more money than they could afford to pay back. What was the impact of this borrowing on the economy?
A. An immediate reduction in the profits of lenders B. Increased economic growth C. Large losses at financial institutions D. Reduced interest rates