The term ‘rent’ as it is used by economists. refers to ?

Related Mcqs:

A period of unemployment due to recession will ?

A. increase a worker’s current income and permanent income B. reduce a worker’s current income but not necessarily their permanent income C. affect neither the current nor the permanent income of a worker D. reduce a worker’s permanent income but not their current income...

If people can borrow and lend to perfectly smooth out their lifetime living standards, then ?

A. transitory income is a good measure of the distribution of living standards B. none of these answers C. permanent income is a good measure of the distribution of living standards. D. life-cycle income is a good measure of the distribution of living standards. E. current annual income is a good measure of the distribution … If people can borrow and lend to perfectly smooth out their lifetime living standards, then ?Read More...

In a competitive labour market firms will hire labour up to the point where the marginal revenue product of labour equals ?

A. total labour cost B. the marginal product C. the price of the product D. the wage rate...

Rawls’s suggestion that policy should be directed at maximizing the welfare of the least well off person in society is derived from ?

A. the idea that people should consider policy as if behind a veil of ignorance as to what their circumstances might be in society, and the idea that as long as there is no theft then there is no need for governments to intervene and redistribute income. B. the idea that people should consider policy … Rawls’s suggestion that policy should be directed at maximizing the welfare of the least well off person in society is derived from ?Read More...

Where a tax can be shifted the incidence depends on ?

A. whether there is perfect or imperfect information B. who is legally obliged to pay the tax C. elasticities of demand and supply D. how many producers there are:...