To President George W

question 52

Multiple Choice

To President George W. Bush, "the axis of evil" that menaced American security consisted of the nations of

• A) France, Germany, and the Netherlands.
• B) Russia, China, and Cuba.
• C) Iraq, Afghanistan, and Syria.
• D) Iran, Iraq, and North Korea.
• E) Sudan, Egypt, and Libya.

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Definitions:

Pure Rent

The return to any factor of production that is in fixed supply.

Fixed Supply

A condition where the quantity of a particular good, service, or resource does not change, regardless of the price.

MRP

Marginal Revenue Product, which refers to the additional revenue generated from employing one more unit of a resource.

Perfectly Elastic

A situation in which the demand or supply for a good or service is infinitely responsive to changes in price.