Which of the following sectors in the economy accounted for about 70% of the spending in the U.S. during 2009?

As the total quantity of land is fixed the payment for land is termed as economic rent

a. True b. False Indicate whether the statement is true or false

A market failure occurs when

a. a market equilibrium is economically inefficient b. a market equilibrium is economically efficient c. perfect competition maximizes the sum of consumer and producer surplus d. crime is not completely eliminated e. involuntary exchanges are not completely eliminated