In the above figure, what is the opportunity cost of one bushel of soybeans?
A) 1 bushel of corn
B) 0.5 bushels of corn
C) 2 bushels of corn
D) unable to determine
B
Economics
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Economic rent is
A) the return to owners of farmland. B) the return to landlords. C) a payment for the use of any resource above its opportunity cost. D) a payment for land, an apartment, or a house that one does not own.
Economics
The aggregate demand and aggregate supply curve intersect
a. at potential GDP. b. below potential GDP. c. above potential GDP. d. at a point which may or may not be equal to potential GDP.
Economics