problem 1) Describe what determines economic rent.

problem 2) Describe why economic rent is a surplus payment.

problem 3) Describe the single-tax theory and its criticisms.

problem 4) Describe what determines rent differentials.

problem 5) Describe how rent functions as a cost to the individual firm.

problem 6) describe how the interest rate is determined.

problem 7) Describe how business firms make investment decisions.

problem 8) Differentiate between nominal and real interest rates.

problem 9) prepare down five factors that may cause interest rates to differ.

problem 10) Differentiate between economic, normal, and accounting profits.

problem 11) Describe why profits are received by some firms and not by others.

problem 12) prepare down three sources of economic profits.

problem 13) describe the general function of profits.

problem 14) describe the present relative shares of national income.