Refer to the figure at right. What can we say about economic? rent?
A. Economic rent equals the area HJKO
B. Economic rent equals the area HJI
C. Economic rent equals the area IJK0
D. There is no economic rent represented in the figure
Ans: C. Economic rent equals the area IJK0
Economics
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Suppose the growth in GDP per hour resulting from physical capital in an economy is 1% and the growth resulting from human capital is 2%. If the annual growth rate of GDP per hour is 5%, the growth resulting from technology equals:
A) 4%. B) 3%. C) 2%. D) 1%.
Economics
The catch of American lobster off the shores of New England is regulated using quotas. If the quota is set correctly, then at this quantity, the marginal social cost ________ the marginal social benefit
A) is less than B) is greater than C) is not comparable to D) equals
Economics