[amp_mcq option1=”Land only” option2=”Capital only” option3=”Specialized technical personnel only” option4=”Any of the factors of production” correct=”option4″]<\/p>\n
The correct answer is: D. Any of the factors of production<\/strong><\/p>\n Economic rent is a payment made to a factor of production in excess of what is necessary to keep it in its current use. It can accrue to any of the factors of production, including land, labor, capital, and entrepreneurship.<\/p>\n Land rent is the payment made to the owner of land for the use of that land. It is determined by the productivity of the land and the demand for its use.<\/p>\n Labor rent is the payment made to workers for their labor. It is determined by the productivity of labor and the demand for labor.<\/p>\n Capital rent is the payment made to the owners of capital for the use of that capital. It is determined by the productivity of capital and the demand for capital.<\/p>\n Entrepreneurship rent is the payment made to entrepreneurs for their entrepreneurial ability. It is determined by the productivity of entrepreneurship and the demand for entrepreneurship.<\/p>\n Economic rent is a significant source of income for many people. It is also a source of economic inequality, as some people are able to earn more economic rent than others.<\/p>\n Here is a brief explanation of each option:<\/p>\n [amp_mcq option1=”Land only” option2=”Capital only” option3=”Specialized technical personnel only” option4=”Any of the factors of production” correct=”option4″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-53281","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"\n\n