A firm engaging in rent seeking activity
A) is breaking the law.
B) is willing to spend up to the gain in producer surplus.
C) is irrational.
D) increases societal gain.
B
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Suppose a permanent technological improvement raises labor's marginal productivity. Whether or not workers own capital, we can conclude that
a. the wage rate will rise. b. employment will fall. c. the supply of labor will rise. d. the demand for labor will fall.
Which of the following statements is true?
a. All virtual currencies are electronic, and all electronic currencies are virtual. b. Virtual money is, by definition, legal tender. c. It is possible for virtual money to be (at the same time) a unit of account, store of value, and medium of exchange. d. Virtual currencies are highly regulated.
If the productivity of capital rises, its MPP will _____ and its MRP will _____.
A. rise; rise B. fall; fall C. rise; fall D. fall; rise
The largest element of the currency component of M1 is
A. coins. B. United States Notes. C. silver certificates. D. Federal Reserve Notes.