A(n) ________ is literally a go-between, who tries to speed up the process of negotiations, but does not have the power to impose a settlement.
A. arbitrator
B. mediator
C. None of the choices are correct.
B. mediator
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Which of the following observations concerning GDP calculations is true?
a. Goods and services produced by governments are valued at market price. b. Inventories are treated as if they are yet to be sold. c. Goods produced but not sold during the year are counted in that year's GDP. d. Goods that firms add to their inventories do not count in the GDP.
Helium Sports produces shoes at a factory that is designed to work at the efficient scale of production using a combination of 2 machines and 400 workers. The cost of labor has recently increased by 25%. In the given situation, which of the following steps should the company take?
a. Helium Sports should reduce production quantity to keep costs under control. b. Helium Sports should lower prices on their shoes to increase demand. c. Helium Sports should make changes to lower the opportunity costs. d. Helium Sports should update the factory with machines that require fewer workers.
Compared to the short-run price elasticity of demand, the long-run price elasticity of demand is
A) smaller. B) the same. C) greater. D) either greater than or less, depending on the number of substitutes the good has.
If purchasing-power parity holds, a dollar will buy
a. more goods in foreign countries than in the United States. b. as many goods in foreign countries as it does in the United States. c. fewer goods in foreign countries than it does in the United States. d. None of the above is implied by purchasing-power parity.