professor loves teaching and would not quit her job if her pay were reduced to $
ID: 1120652 • Letter: P
Question
professor loves teaching and would not quit her job if her pay were reduced to $15,000 per year. Your professor is carning annual economie rent of 29. Suppose your economics professor earns an equal annual salary of $40,000. The A) $40,000. B) $25,000. C) $55,000. D) $15,000 30. The theory ofrent formulated by is still used by most economists today A) Karl Marx B) David Ricardo C) Frank Knight D) Joseph Schumpeter E) Pierre-Joseph Proudhon 31. Which economist believes all profits are derived from the exploitation of workers? A) Frank Knight B) Joseph Schumpeter C) Karl Marx D) John Maynard Keynes Use the following to answer question 32 1500 a. D, D2 500 Amount of Land Page fExplanation / Answer
29 b) $40,000 - $15,000 = $25,000. Economic rent is the excess amount paid, over the required amount, to a factor of production.
30 b) David Ricardo's Classical Theory of Rent.
31 c) Karl Marx. He described the exploitation of labor by capitalists, which he termed as "surplus value".
32.
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