The Amount by Which the Current Price of a Resource

question 148

Multiple Choice

The amount by which the current price of a resource exceeds the minimum price necessary to make the resource available is its:

• A) market value.
• B) economic rent.
• C) carrying capacity.
• D) discount rate.

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Definitions:

Labor

The body of workforces engaged in physical or intellectual tasks to produce goods or services.

Social Gospel

Ideals preached by liberal Protestant clergymen in the late nineteenth and early twentieth centuries; advocated the application of Christian principles to social problems generated by industrialization.

Communism

A political and economic ideology advocating for a classless society, in which the means of production are owned and controlled by the community as a whole.