Where do economic agents such as individuals, firms, and nations interact with each other?
A) in any arena that brings together buyers and sellers
B) in any location where transactions can be monitored by consumer groups and taxed by the government
C) in any physical location where people can physically get together for selling goods, such as shopping malls
D) in public locations monitored by the government
A
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The reason a corporation has retained earnings is to
A) pay unemployment taxes. B) make investments that will increase the value of the stock. C) avoid the double taxation of corporate profits. D) be able to make unemployment payments.
In a free market for rental housing, the average rental rate
A. includes a large amount of economic rent. B. includes zero economic rent. C. is entirely economic rent, since rental housing is fixed in supply. D. includes some economic rent.