A fixed factor of production:
A. is fixed in the long run but variable in the short run.
B. is common in large firms but rare in small firms.
C. is fixed in both the short run and the long run.
D. is fixed only in the short run.
Answer: D
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Individuals face scarcity; whole societies do not.
Answer the following statement true (T) or false (F)
The components of a well-run incentive compensation scheme include all of the following EXCEPT
a. performing random acts of kindness to employees b. avoiding rewards for outcomes that are not included in the performance measures c. rewarding workers who for meet performance measures d. identifying the relevant measures on which to evaluate employees
The amount of money that a firm receives from the sale of its output is called
a. total gross profit. b. total net profit. c. total revenue. d. net revenue.
Which of the following explains the impact of technological advances on the wage gap between less skilled workers and highly skilled workers?
A. Advances in technology have increased the demand for higher education degrees and widened the wage gap between the two groups. B. Advances in technology have increased the productivity of less skilled workers and thus narrowed the wage gap between the two groups. C. Advances in technology have increased the demand for less skilled workers and highly skilled workers alike, and thus the wage gap between the two groups remains unchanged. D. None of these