Which resource earns the highest economic rent as a proportion of total earnings?
a. a resource specialized in one task
b. a nonspecialized resource
c. a resource with inelastic demand
d. a resource in low demand
e. a resource with elastic demand
A
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A firm will choose to minimize their costs subject to their ______________
Fill in the blank(s) with the appropriate word(s).
If a minimum wage is established, a monopsonist faces
A. an upward sloping supply of labor at all quantities of labor. B. a horizontal supply of labor at the minimum wage and the downward sloping portion of the labor demand curve below minimum wage. C. a horizontal supply of labor at the minimum wage and the upward sloping portion of the labor supply curve above minimum wage. D. a downward sloping supply of labor at all quantities of labor.
Since the mid-1970s, compared to the United States, European unemployment rates are/is
A. higher. B. much lower. C. about the same as in the United States. D. not compared to the United States, because there are no unemployed in Europe
The sum of all factor payments in the economy yields
A. gross domestic product. B. national income. C. disposable income. D. net domestic product.