The fact that supermarkets, a land-intensive form of organization, have become the dominant form of grocery store in the United States suggests that:
A) there is little or no potential for input substitution in the grocery store business.
B) transportation costs are insignificant in the grocery store business.
C) land is a relatively inexpensive input in the grocery store business.
D) labor is relatively inexpensive in the grocery store business.
C
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A household's consumption choices cannot exceed limits created by
A) only the household's income. B) only the prices of the goods and services that it buys. C) both the household's income and the prices of the goods and services that it buys. D) neither the household's income nor the prices of the goods and services that it buys.
A tax imposed by a government on imports of a good into a country is called a
A) tariff. B) value added tax. C) sales tax. D) quota.
Unions have been protected since 1935 by a federal law, the National Labor Relations Act (NLRA), which contains provisions for
(a) elections by workers to choose their bargaining agents. (b) employers' recognition of union bargaining agents in interstate commerce for union representation and collective bargaining purposes. (c) arbitration of disputes that cannot be resolved through bargaining. (d) all of the above.
The least-cost way of producing a particular rate of output is represented by a point of tangency between a short-run average cost curve and the
a. total cost curve b. short-run average total cost curve c. average variable cost curve d. long-run average cost curve e. marginal cost curve