The unemployment rate is usually zero except during recessions
a. True
b. False
B
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The demand for factor is driven by the demand for goods and services produced by that factor of production. This phenomenon is referred to as
A) elastic demand. B) joint demand. C) inverse demand. D) derived demand.
If a firm makes zero economic profit, then the firm
A) has no incentive to stay in the industry. B) is better of exiting the industry. C) is indifferent between staying and exiting the industry. D) will shut down.
The resource market involves transactions dealing with
a. natural resources and financial services. b. the borrowing and lending of financial capital. c. the buying and selling of final goods and services. d. labor services, natural resources, and physical capital.
Fixed cost is sometimes referred to as
A. sunk cost. B. variable cost. C. total cost. D. economic cost.