If the elasticity of supply of a resource is greater than zero but less than infinity, its income will comprise of:
a. only economic rent.
b. only transfer earnings.
c. salaries and traveling allowances.
d. both economic rent and transfer earnings.
e. salaries, traveling allowances, as well as other incentives.
d
You might also like to view...
Figure 4.3 illustrates the demand for tacos. An increase in the demand for tacos is represented by the movement from
A) point a to point b. B) point c to point b. C) D2 to D1. D) D0 to D1.
________ could result in a recession because it would ________
A) An increase in government expenditures on goods and services; shift the AD curve to the right. B) An increase in the quantity of money; shift the AS curve to the right. C) An increase in investment; shift the AD curve to the right. D) A tax cut; shift the AS curve to the left. E) A rise in the price of oil; shift the AS curve to the left.
The table above gives data for the nation of Pearl, a small island in the South Pacific. If aggregate demand increases so that the quantity of real GDP demanded is $6 billion more at each price level, the new equilibrium real GDP is
A) $34 billion. B) $31 billion. C) $28 billion. D) $25 billion. E) $23 billion.
unemployment compensation and welfare payments
What will be an ideal response?