From a business perspective, economic historians believe that:
a. slavery was profitable and viable.
b. slavery would have eventually ended due to its inherent unprofitability.
c. slavery was economically inefficient.
d. free labor was more productive than slave labor.
a. slavery was profitable and viable.
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If a firm decreases production, then its:
A. variable costs decrease. B. fixed costs decrease. C. total costs stay the same. D. None of these is true.
Final goods or services used to compute GDP refer to: a. the sum of all wages paid to laborers
b. the factors of production used to produce output. c. goods and services purchased by the ultimate users. d. the value of outstanding shares of stock of manufacturing firms.
A decision maker can always make the best choice by:
A. including sunk costs as part of marginal costs. B. including sunk costs as part of total costs. C. ignoring sunk costs. D. subtracting sunk costs from total benefits.
Suppose only 7 percent of Turkey's products go to the United States. Hence, an increase in U.S. imports from Turkey:
a. would have no significant effect on Turkey's domestic income.
b. would significantly increase Turkey's domestic income.
c. would significantly decrease Turkey's domestic income.
d. would significantly increase U.S. domestic income.
e. would significantly decrease U.S. domestic income.