A payment to an owner of a resource in excess of its opportunity cost is know as
A) real wages.
B) economic rent.
C) financial interest.
D) accounting profits.
Answer: B
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Suppose the government is considering whether to build a community health clinic. If the government wants to increase total economic surplus, then it should build the health clinic if the marginal benefit of the health clinic is:
A. greater than zero. B. decreasing. C. less than its marginal cost. D. greater than its marginal cost.
Any item can successfully serve as money
a. True b. False Indicate whether the statement is true or false
Brazil should
A. specialize in the production of coffee and import hot dogs from Colombia.
B. specialize in the production of hot dogs and import coffee from Colombia.
C. import both coffee and hot dogs from Colombia.
D. not engage in trade with Colombia, but produce both coffee and hot dogs domestically.
Which best describes labor unions?
A. They are not generally accepted as an American institution. B. They are accepted as an American institution. C. They are more powerful today than they were 50 years ago. D. They were at the peak of their power in the early 20th century.