Whenever a person gets paid more than the minimum she would be willing to accept, we call that excess over the minimum _________.
Fill in the blank(s) with the appropriate word(s).
economic rent
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Which one of the following was the strategy followed by Japanese industrialists after World War II?
A. They sold low-priced goods to the low end of the American market while they rebuilt their industrial base. B. They charged Japanese consumers much lower prices than they charged American consumers, since Americans could afford to pay more for these goods. C. They sold high-priced goods to the high end of the American market, leaving the low end to Korea and Taiwan. D. They received tens of billions of dollars in aid from the U.S. government and have still not paid back a penny.
Under the expectations theory, an upward-sloping yield curve indicates that investors expect future short-term rates to
A) fall. B) rise. C) remain constant. D) either rise or remain constant.
Suppose a plaintiff hires a lawyer to represent her in a court case. The lawyer will be paid a fixed fee. Under this contract
A) efficiency is achieved. B) the client bears all of the risk. C) the lawyer has an incentive to lie about his hours worked. D) All of the above.
According to the capture hypothesis of regulation
A) regulation favors producers over consumers because the producers were able to pay off the regulators. B) regulation eventually favors producers over consumers because the producers have more at stake than individual consumers. C) regulation benefits the regulators and the legislators who support the regulation by enabling them to obtain favors from both producers and consumers. D) regulation benefits the consumers over producers because the number of consumers is greater than the number of producers, giving the consumers more political clout.