John Smith Plays Baseball for $500 000 Per Year,but If

question 57

Multiple Choice

John Smith plays baseball for $500 000 per year,but if he were not a baseball player,his next best alternative would be to earn $35 000 per year as a sales representative.By playing baseball,Smith is earning economic rent of

• A)$535 000.
• B)$500 000.
• C)$465 000.
• D)$35 000.
• E)zero.

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Definitions:

Culture Specific

Characteristics, beliefs, or practices that are unique to a particular society, community, or group.

Unconsciously

Occurring without one's awareness, reflecting actions or thoughts that are not controlled or deliberated by the conscious mind.

Paraphrasing

The process of rewording or rephrasing information using different vocabulary and sentence structures while retaining the original meaning.

Para-Language

The non-verbal elements of communication used to modify meaning and convey emotion, such as tone of voice, loudness, and pitch.