Economic rent represents
a. a loss to society since resource owners do not earn it
b. the difference between marginal revenue product and marginal resource cost
c. a loss to resource owners who earn less than the market value of the resource
d. any resource earnings less than that resource's opportunity cost
e. any resource earnings greater than that resource's opportunity cost
E
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The takings clause states that the government can seize private property only if ________ is provided
A) comparably-valued property B) just compensation C) fair market value D) the seller's asking price
One thing the Fed has learned over the past twenty-five years is:
A. the money multiplier has a trend rate of growth that is fairly constant. B. it should focus its attention on targeting M2. C. the money multiplier is fairly constant no matter what changes are made to the monetary base. D. the money multiplier is unstable over time.