The concept of economic rent can be applied to
A) land only.
B) land and natural resources only.
C) land, natural resources, and paintings by dead masters only.
D) any resource that cannot be replicated exactly.
Answer: D
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Reductions in inflation have no cost in terms of lower output in ________
A) traditional Keynesian theory B) new Keynesian theory C) real business cycle theory D) traditional and new Keynesian theory
Louise is unemployed due to a decrease in the demand for workers with a knowledge of a certain word processing language. This is an example of
What will be an ideal response?
Part of the effect of higher interest rates on residential construction is through
A) inflationary expectations. B) credit rationing. C) the expected value of the homes to the buyers. D) the income effect.
Which of the following markets are closest to perfectly competitive
a. The market for smart phones b. The market for generic pharmaceuticals c. The market for sport shoes d. The market for fast food