The total fixed cost of operating a lumberyard equals $12,000 this year. The average fixed cost of the lumberyard will not be affected by the quantity of lumber that is sold
a. True
b. False
Indicate whether the statement is true or false
False
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Over the past 50 years, the U.S. labor force participation rate has decreased for
i. men. ii. women. iii. the over-all labor force. A) ii and iii B) i, ii, and iii C) i and iii D) ii only E) i only
Anything of value owned by a person or a firm is
A) an asset. B) owner's yield. C) a liability. D) wealth.
Economy X has just one worker, while Economy Y has 100 workers. Both have the same capital and land resources and produce the same good. If labor specialization occurs in Economy Y, we would expect Economy Y to produce
a. exactly the same quantity of goods as Economy X b. 100 times the quantity of goods as Economy X c. less than 100 times the quantity of goods as Economy X d. more than 100 times the quantity of goods as Economy X e. more inefficiently than Economy X
Price floors are
A. sometimes associated with surpluses. B. always associated with surpluses. C. sometimes associated with shortages. D. always associated with shortages.