The knowledge and skill that make for a productive worker are referred to by economists as:
What will be an ideal response?
human capital
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Rent seeking refers to
a. what landlords do b. looking for an apartment c. capturing the economic results of government-created scarcity d. all profit-making activity e. all of the above
The principle that people should pay taxes based on the benefits they receive from government services is called the
a. pay principle. b. tax-benefit principle. c. government services principle. d. benefits principle.
Suppose a worker is offered a wage of $8 per hour, plus a fixed payment of $100 per day, and he can use 24 hours per day. What is the market rate of substitution between leisure and income?
A. $10 B. $5 C. $8 D. None of the statements is correct.
The above figure definitely shows
A) a long-run equilibrium for a monopolistically competitive firm. B) an industry with few firms. C) a long-run equilibrium for a perfectly competitive firm. D) a long-run equilibrium for a perfectly competitive market. E) a short-run equilibrium for a monopoly.