In communism, central planners decide which of the following?
a. what goods and services will be produced
b. how much will be produced
c. who will produce and consume the goods and services
d. All of the above are correct.
d
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Normal profit is a(n) ________ cost because ________
A) implicit; it represents the cost of not running another firm B) explicit; a firm must pay income taxes on its profit C) implicit; it represents the cost of economic depreciation D) accounting; wages are considered an explicit cost E) depreciation; the equipment the firm owns wears out over time
Output per person is 170 in an economy in which 15 percent of the population are engaged in research and development, where their productivity is 0.002, and the total population size is 100 million
If this economy is on a balanced growth path, then output per person in the next period will be ________. A) 175.1 B) 195.5 C) 176.2 D) 177.3
When each box in an organization chart contains individuals who specialize in some field, then the activities in the organization are categorized by _____
a. divisionalization b. functionalization c. decentralization d. de-integration
Recall the Application about craft beer and the increase in the price of hops to answer the following question(s).Recall the Application. Because hops are inputs in the production of beer, an increase in the production of beer resulted in:
A. an increase in the demand for hops. B. a decrease in the demand for hops. C. an increase in the quantity demanded for hops. D. a decrease in the quantity demanded for hops.