John an apprentice, engineer and amateur trumpet player, was earning ₦30 per week before accepting
ECONOMICS
JAMB 2019
John an apprentice, engineer and amateur trumpet player, was earning ₦30 per week before accepting Full-time employment in a top orchestra, for which he now receives ₦150 per week. ₦120 of his current weekly earnings can be described as________
- A. marginal physical productivity
- B. marginal income productivity
- C. consumer's surplus
- D. economic rent
Correct Answer: D. economic rent
Explanation
Economic rent is a surplus arrived at by deducting marginal product and opportunity cost.
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