a) When a CEO gets 20 million dollars a year in salary is any of that considered rent? Multiple Choice a) The part of the salary that exceeds the next highest paid CEO in the industry is rent. b) Because he would leave the company if he got less, none of the money is considered rent. c) All of the money is economic rent because rent refers to all money that moves resources to where they are used. d) Any part of the salary that exceeds the average CEO salary in the industry is rent. b) Rent seeking is likely to occur when Multiple Choice a) the gains for a public project are widely spread and the costs are borne by a few. b) the gains and losses of a public project are widely spread. c) the gains form a public project benefit only a few and the costs are widely spread. d) All answer choices are correct c) Economic rent is sometimes present when someone pays a high price for something that seems of little value. At a recent quilt auction the price for one quilt went to $15,000 which seemed much higher than other quilts of similar quality. It would be correct to say that Multiple Choice a)because all the quilts are different, the entire $15,000 was economic rent. b) there was no economic rent involved because two people were bidding to the end. c) any statements that the quilts were of equal quality had to be wrong. d) the portion of the quilt that was above average was economic rent to the seller