economic rent is a payment received in excess of marginal cost. true false
Economic rent In economics, economic rent is any payment to an owner or factor of production in excess of the costs needed to bring that factor into production. In classical economics, economic rent is any payment made (including imputed value) or benefit received for non-produced inputs such as location (land) and for assets formed by creating official privilege over natural opportunities (e.g., patents). In the moral economy of neoclassical economics, economic rent includes income gained by labor or state beneficiaries of other "contrived" (assuming the market is natural, and does not come about by state and social contrivance) exclusivity, such as labor guilds and unofficial corruption.
Tariff A tariff is a tax on imports or exports between sovereign states.
Market economy Market economies rely upon a price system to signal market actors to adjust production and investment. Price formation relies on the interaction of supply and demand to reach or approximate an equilibrium where unit price for a particular good or service is at a point where the quantity demanded equals the quantity supplied.
Natural and legal rights According to Locke there are three natural rights:
Summary judgment Where appropriate, a court may award judgment summarily upon fewer than all claims. This is known as "partial summary judgment".
United States foreign aid Total economic and military assistance: $43.10 billion