Economic rent is defined as
a. the opportunity cost of a resource
b. the payment to a resource in excess of its opportunity cost
c. opportunity cost
d. total earnings
e. the part of a homeowner's housing that is included in GDP accounts
B
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Trade restrictions can take any of the following forms except one. Which is the exception?
a. tariffs b. free trade agreements c. quotas d. voluntary trade restrictions e. health and safety restrictions
If a new computer program was developed that dramatically improved productivity in most firms, what would happen in the labor market?
a. The real wage would not change but employment would decrease. b. The real wage would increase and employment would decrease. c. The real wage would decrease and so would employment. d. The real wage would decrease and employment would increase. e. The real wage would increase and so would employment.