________ is/are the payment for the factor of production ________
A) Wages; capital
B) Interest; labor
C) Profit; entrepreneurship
D) Rent; capital
Answer: C
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In Lee Benham's 1972 article examining the impact of advertising on the average price paid for a pair of eyeglasses, Benham found that
a. the average price paid for eyeglasses was nearly 20% higher in the states that did not restrict advertising. b. the average price paid for eyeglasses was nearly 20% lower in the states that did not restrict advertising. c. there was no difference in the average price paid between states that restricted advertising and those that did not. d. the average price paid for eyeglasses was almost 5 times higher in the states that did not restrict advertising.
A perfectly price discriminating monopolist charges each buyer:
A. the perfectly competitive equilibrium price. B. exactly his or her reservation price. C. more than his or her reservation price. D. exactly his or her marginal cost.
Suppose real estate prices rise by 40 percent in a four-year period, while goods and services rise in price by 8 percent in the same time period. Population, the stock of houses, and other variables important to real estate prices have remained almost constant. Which of the following is most likely?
A. GDP has increased by about 40 percent over the four-year period. B. Nominal wealth has declined. C. Real wealth has increased. D. Asset inflation has occurred.
to the diagram. The equilibrium level of GDP is:
A. Y 5 .
B. Y 4 .
C. Y 3 .
D. Y 2 .