Which of the following is a characteristic of economic rent?
A. It equals economic profit minus accounting profit.
B. It can never be negative.
C. It can be positive, zero, or negative.
D. It is driven towards zero by free entry.
Answer: B
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As more firms are attracted to an industry, the supply curve can be expected to shift to the right.
Answer the following statement true (T) or false (F)
How does the production of a U.S. firm located in France affect U.S. GDP? How does the production of a French firm located in Ohio affect U.S. GDP?
What will be an ideal response?
Assume that $1 equals 100 yen (¥). A Japanese visitor to the United States wants to pay her $400 hotel bill. How many yen should she exchange in order to have enough dollars to pay the bill?
A) ¥4 B) ¥40 C) ¥4,000 D) ¥40,000
Marginal utility measures the increase in total utility that a person derives from consuming one more unit of a good
Indicate whether the statement is true or false