A Resource That Earns Only Economic Rent

question 49

Multiple Choice

A resource that earns only economic rent

• A)cannot be employed in any other line of production, so its opportunity cost is zero
• B)is rental payment for a resource that has already been paid for
• C)is impossible because all resources have an opportunity cost associated with their use
• D)is not fixed in quantity
• E)has a perfectly elastic supply curve

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Definitions:

Genetically Engineered

Organisms that have had their genomes artificially modified by genetic engineering techniques to introduce or alter specific traits.

Environmental Consequences

The effects and outcomes that human actions and industrial activities have on the natural environment, including pollution and habitat destruction.

Genetic Manipulation

The process of artificially modifying the genetic structure of an organism to achieve desired traits, also known as genetic engineering.

Global Warming

The gradual worldwide increase in average surface temperature.