Economic rent is the payment made to a factor of production above the amount necessary to induce any of that factor to be supplied at its present employment.
Answer the following statement true (T) or false (F)
True
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Economic theory is most useful in explaining the operation of social systems
A) aimed at making a living. B) directed toward the satisfaction of material wants. C) in the world of business and finance. D) in which participants characteristically don't know one another personally. E) in which people pursue selfish interests.
All economists agree that to justify that market failure has occurred, it is sufficient to have the market choose an inferior product over a superior product.
Answer the following statement true (T) or false (F)
Transactions deposits include
A) credit cards. B) certificates of deposit. C) lines of credit. D) checkable and debitable accounts.
An economist would be more likely to argue for reducing inflation if she thought that
a. the central bank lacked credibility and if bonds were usually not indexed for inflation. b. the central bank lacked credibility and if bonds were usually indexed for inflation. c. the central bank had credibility and if bonds were usually not indexed for inflation. d. the central bank had credibility and if bonds were usually indexed for inflation.