Bob works for a firm that produces umbrellas. He receives payment for his labor. The firm wants to expand but lacks the capital needed for the expansion. Bob, a person of some means, provides the capital. What market(s) are these payments made in?
a. illegal market
b. goods and services market
c. product market
d. resource market
e. umbrella market
D
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A person is risk loving if:
A. for a given level of expected consumption, he prefers a risky bundle to a risk less one. B. his indifference curve is convex to the origin. C. his indifference curve is concave to the origin. D. his indifference curve is concave to the origin and for a given level of expected consumption, he prefers a risky bundle to a risk less one.
The basic difference between mixed and pure bundling is that
A) in pure bundling, buyers can only buy a collection of goods, while with mixed bundling, they can buy the collection or the components of the collection separately. B) in pure bundling, buyers must buy a collection of goods, while in mixed bundling, buyers pay different prices for the same collection. C) price elasticities are generally elastic when pure bundling is used while unitary elasticity is prevalent when mixed bundling is used. D) the costs of production vary between the two types of bundling.
Which of the following would cause the demand for computer programmers to increase?
a. an increase in the productivity of computer programmers b. a reduction in the price of a competitive input that can be substituted for computer programmers c. a decline in the productivity of computer programmers d. an increase in the wages of computer programmers due to legislative action (that is, the establishment of a price floor for computer programmers)
Money is destroyed when:
A. loans are made. B. loans are repaid. C. checks written on one bank are deposited in another bank. D. the net worth of the banking system declines.