If the life span of a piece of equipment is 10 years and its current cost is $400,000, what is the straight-line depreciation allowance each year?
A) $400
B) $400,000
C) $4,000
D) $40,000
D) $40,000
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The labor demand curve is downward sloping because as the real wage ________ the amount of labor hired ________
A) falls; decreases B) falls; increases C) rises; remains constant D) rises; increases
In the period 1960–95, the cycles of upturns and downturns in the economy (booms and recessions)
(a) were eliminated as knowledge of how the economy operated grew. (b) continued to occur, although not nearly as severely as prior to World War II. (c) grew even worse than prior to World War II. (d) were equally as bad as the period prior to World War II.
Which of the following is not a characteristic of market structure?
a. The number of sellers in the industry. b. The ease with which firms may enter or exit the industry. c. The existence of differences among sellers' products. d. The presence or absence of government taxation in the market.
Which of the following terms did Nobel laureate Herbert Simon coin?
a. anchoring b. bounded rationality c. framing d. rule of thumb