Which of the Following Statements Is Correct

question 67

Multiple Choice

Which of the following statements is correct?

• A) Economic profits can properly be regarded as the salaries received by the hired managers of corporations.
• B) Economic rent is a price paid for productive land resources whose supply is perfectly inelastic.
• C) Economic profits would be nonexistent in a dynamic, purely competitive economy.
• D) Economic, or pure, profit is the minimum return that entrepreneurs must receive to continue in a particular line of production.

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Definitions:

Amounts Being Produced

Refers to the volume or quantity of goods and services that are generated or manufactured by a business or economy over a specific time period.

Social Security Check

A monthly payment issued by the government to eligible individuals, typically retirees, disabled persons, and survivors of deceased workers, as part of a social insurance program.

U.S. GDP

The total market value of all goods and services produced within the United States in a given year.

Groceries

Items of food and other household necessities that are purchased regularly for consumption.