Steph Curry loves playing basketball so much that he would be willing accept a salary that simply keeps him housed and fed. But because his skills are so rare, professional basketball teams will compete to pay him tens of millions of dollars to play for them. These tens of millions of dollars are
A. pure profit.
B. economic rent.
C. marginal rent.
D. competitive rent.
Answer: B
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If there is an exogenous decrease in investment spending, Monetarists argue that there would be little or no effect on real output because the interest rate would __________,
investment would __________, saving would __________, and consumption would __________. A) decline; increase; increase; decrease B) decline; increase; decrease; increase C) rise; decrease; decrease; increase D) rise; decrease; increase; increase
In an economic model of consumer behavior, rational self-interest would likely be
a. a key variable b. the hypothesis of the model c. a behavioral assumption d. a prediction of the model e. a method of testing the model
Graphing the value of marginal product against the quantity of a given input hired looks like which of the following curves?
A. The demand curve B. The total revenue curve C. The total product curve D. The value product curve
Money is defined as
A. anything people generally accept in exchange for goods and services. B. any financial instrument that is backed by gold. C. a person's net worth. D. a by product of a barter economy.