Pure economic rent is
A) a payment to a resource owner over and above what is necessary to keep the resource in its current use.
B) a payment to a resource owner just sufficient to keep its supply constant.
C) the inverse of economic profit.
D) the competitive rental rate on capital.
Answer: A
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The rate at which two countries trade one good for another
a. is known as the foreign exchange rate b. is known as the terms of trade c. is known as the export line d. equals the slope of the import line e. equals the common slope of the countries' production possibilities frontiers
An example of an implicit cost of production is: a. the cost of raw materials used to produce bread in a bakery
b. the cost of labor in a factory that assembles DVD players. c. the income an entrepreneur could have earned working for someone else. d. all of the above.
Did the United States ratify the Kyoto Protocol? Why or why not?
a. Yes; but it has failed to meet targets for a number of years. b. No; the United States had promised to sign on January 1, 2008, but never did. c. Yes; and it has met its target each year. d. No; he United States believed the targets were impossible to meet without great harm to the industrial base.
The government budget surplus equals
A. government receipts minus government outlays. B. government purchases minus transfers. C. government purchases plus transfers. D. government purchases minus net receipts.