Economic rent is generally associated with
A. high wages.
B. low wages.
C. both high and low wages.
D. neither high nor low wages.
A. high wages.
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In the Golden Rule steady state, the marginal product of capital is equal to the
A) savings rate plus the population growth rate. B) population growth rate plus the depreciation rate. C) depreciation rate plus the savings rate. D) savings rate divided by the marginal product of labor.
Which of the following is the best example of a nonrenewable resource?
a. Forests. b. Oil. c. Clean air. d. Fish in the ocean.
Prohibiting the legal sale of a good because of the good's external costs
A. will never lead to fewer negative consequences of the good's sale and use. B. will always lead to fewer negative consequences of the good's sale and use. C. could lead to more negative consequences of the good's sale and use because of criminal activity. D. is never the answer to a good with negative externalities.
Firms that automatically enroll their employees in retirement plans, giving them the option to opt-out instead of to opt-in, is an example of a form of behavioral economics known as
A) the endowment effect. B) network externality. C) nudges. D) anchoring.