Consider the Mobility of Any Factor of Production

question 121

Multiple Choice

Consider the mobility of any factor of production.The more broadly we define the use of the factor,the ________ is the mobility of the factor and the ________ is the share of the factor payment that is economic rent.

• A)lower; lower
• B)lower; higher
• C)higher; higher
• D)higher; lower

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Definitions:

Public Choice Theory

A branch of economics that studies how economic theories and methodologies apply to decision-making in the public sector, often focusing on the behavior of voters, politicians, and public officials.

Property Tax

Property tax is a levy on property that the owner is required to pay, usually based on the value of the property.

Public Transportation

A system of vehicles such as buses and trains that operate at regular times on fixed routes and are used by the public.

Teacher Salaries

The compensation that educators receive for their teaching services, often determined by qualifications, experience, and location.