The measure most commonly used by economists to gauge the standard of living of a nation is:
a. labor productivity

Gains from trade are measured by: a. consumer surplus

b. producer surplus. c. the sum of consumer and producer surplus. d. producer surplus minus consumer surplus.

The minimum amount that investors must earn on the funds they invest in a firm, expressed as a percentage of the amount invested, is referred to as

A) the explicit costs of production. B) net worth. C) net income. D) a normal rate of return.