Which of the following correctly describes a final good?
i. A final good is bought by its final consumer.
ii. A final good can be used by a firm as a component of another good or service.
iii. Investment goods cannot be a final good.
A) ii and iii B) i and iii C) i and ii D) i, ii and iii E) i only
E
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Firms
A) have no influence on the circular flow in a market economy. B) purchase resources in the product market. C) sell resources in the factor market. D) sell goods in the product market.
An efficient economy would set the marginal product in the traditional sector
A) lower than that in the modern non-traditional sector. B) higher than that in the modern sophisticated sector. C) equal to that in the modern sophisticated sector. D) lower in the relatively capital intensive sector. E) higher in the relatively capital intensive sector.
In studying oligopolistic markets, economists assume that
a. there is no conflict or tension between cooperation and self-interest. b. it is easy for a group of firms to cooperate and thereby establish and maintain a monopoly outcome. c. each oligopolist cares only about its own profit. d. strategic decisions do not play a role in such markets.
When the supply of labor increases, the labor supply curve ______.
a. shifts upward b. shifts downward c. shifts to the right d. shifts to the left