Economic rent is defined as
A) the price of a factor of production that is fixed in supply.
B) the surplus received by employing a factor of production in its highest-valued use.
C) the revenue received by a factor of production with an upward-sloping supply curve.
D) what you pay to rent your apartment or house.
Question 2
The United States has a trade ________ with all its major trading partners and a trade ________ with every region of the world except for Latin America.
A) deficit; deficit
B) deficit; surplus
C) deficit; balance
D) surplus; deficit
E) surplus; surplus
