Which of the following is NOT an example of traditional authority?
a. supervisor
b. vice president
c. bishop
d. secretary
Ans: d. secretary
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Marginal revenue product falls as more labor is hired because
A) the price of the product must fall for a perfectly competitive firm to sell more. B) the marginal product of labor is negative as additional units of labor are hired. C) the wage rate rises as more workers work more hours. D) the marginal product of labor falls as a result of the law of diminishing returns.
The country in which banks are classified as city banks, regional banks, and special purpose financial institutions is
A) the United Kingdom. B) the United States. C) Japan. D) Germany.
Agreement between firms in an industry to set a certain price or to share a market is
a. a coordinating practice. b. a competitive practice. c. the substitution effect. d. a collusive practice.
Assume the natural rate of unemployment in the U.S. economy is 5 percent and the actual rate of unemployment is 9 percent. According to Okun's law, the negative GDP gap as a percentage of potential GDP is
a. 2 b. 4 c. 6 d. 8 e. 10