An Economic Rent Is Created When

question 45

Multiple Choice

An economic rent is created when

• A) organized labor pushes its members' wages above those of unorganized labor.
• B) market forces determine prices and output.
• C) businesses take market prices as given.
• D) laborers accept competitive wages.

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Definitions:

NICs

Stands for Newly Industrialized Countries, which are nations experiencing rapid economic growth and industrialization.

LDCs

Least Developed Countries (LDCs) are low-income countries confronting severe structural impediments to sustainable development, often characterized by weak socioeconomic indicators.

Population Growth

The increase in the number of individuals in a population over time, due to factors like birth rates exceeding death rates or immigration.

Economic Growth

The increase in the inflation-adjusted market value of the goods and services produced by an economy over time.