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Question 9 The amount a person earns over and above the amount

Resolved Question:

Question 9
The amount a person earns over and above the amount she/he would be willing to work for is called:
A. marginal resource cost.
B. economic rent.
C. marginal revenue product.
D. profit on human capital.

Question 10
Suppose your economics professor earns an equal annual salary of $40,000. The professor loves teaching and would not quit her job if her pay were reduced to $15,000 per year. Your professor is earning annual economic rent of:

A. $40,000.
B. $25,000.
C. $55,000.
D. $15,000.

Question 11
According to the theory of the backward-bending labor supply curve, as the wage rate rises:

A. first the substitution effect sets in, and then the income effect.
B. first the income effect sets in, and then the substitution effect.
C. the substitution effect and the income effect set in at the same time.
D. there is neither a substitution effect nor an income effect.

Question 12
Which statement is true?
A. The highest paid professional athletes earn economic rent.
B. Economic rent is paid on land, but not in the form of wages.
C. Economic rent is earned mainly by the poor and the lower middle class.
D. Economic rent is paid in proportion to the marginal revenue product of a resource.

Question 13
Conservative economists would like to help younger workers get work experience by:
A. setting up a government jobs program.
B. raising the minimum wage rate.
C. lowering the minimum wage rate.
D. passing a law requiring employers to hire teenagers ahead of older workers who are equally qualified.
Submitted: 5 years ago.
Category: Homework
Expert:  Neo replied 5 years ago.
Good day!

Please let me know the authors of the book you are using as well as the deadline.

Thank you so much! :)

Customer: replied 5 years ago.
Microeconomics , 9th edition. Authort stephen l. slavin.

The sooner the better. please
Expert:  Neo replied 5 years ago.

I'll notify you shortly.

Expert:  Neo replied 5 years ago.

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