When an economy is at full employment and full production, more of any one product:
A. cannot be produced unless private enterprise does so rather than government.
B. cannot be produced because there is full production.
C. can be produced only if there is less production of some other products.
D. can be produced only if there is a general decrease in prices.
Answer: C
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The Bubby Gum factory produces bubble gum. Joanne is one of the employees, and she produces 10 packs of bubble gum per hour. Joanne's money wage rate is $12 per hour. If a packet of bubble gum sells for $1.00, then Joanne ________ because ________
A) should recommend that the Bubby Gum company should decrease the price of the bubble gum ; it would sell more and bring a larger profit B) is creating a $2.00 per hour profit for the firm; her real wage rate is more than her output per hour C) is creating a $2.00 per hour loss for the firm; her real wage rate is more than her output per hour D) should ask for a raise in pay; then her real wage would be less than her output per hour E) is the last person the Bubby Gump company will employ; an additional hire would produce equal the amount of additional labor to real wage per hour
Nancy's union has negotiated a three-year wage contract that provides for a 2.4% increase indexed to inflation. The rates of inflation are forecast to be 1.62%, 1.93% and 2.21% respectively. What will Nancy’s wage increase be in the first year?
a. 1.62% b. 5.76% c. 4.02% d. 4.61%
In case of ________ labor markets, a few key people critical to the overall success of an enterprise are richly rewarded
a. risk prone b. winner-take-all c. unorganized d. unionized
Which of the following is not a problem in owner-manager or principal-agent conflicts?
A. Identical time horizons B. Differential risk exposure C. Choice of effort D. Perquisite taking