According to classical economists, unemployment exists because
A) it takes time and effort for someone to find a job.
B) government activity causes unemployment.
C) the minimum wage generates unemployment.
D) workers are all identical.
A
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Compare the market supply curves in a perfectly competitive market and a monopoly market
What will be an ideal response?
Which of the following is a determinant of the price elasticity of demand for a product? I. The existence of substitute goods II. The percentage of a consumer's total budget devoted to purchases of that commodity
A) I only B) II only C) both I and II D) neither I nor II
Refer to Scenario 9.8 below to answer the question(s) that follow. SCENARIO 9.8: Investors put up $1,040,000 to construct a building and purchase all equipment for a new gourmet cupcake bakery. The investors expect to earn a minimum return of 10 per cent on their investment. The bakery is open 52 weeks per year and sells 900 cupcakes per week. The fixed costs are spread over the 52 weeks (i.e. prorated weekly). Included in the fixed costs is the 10% return to the investors and $2,000 in other fixed costs. Variable costs include $2,000 in weekly wages, and $600 per week in materials, electricity, etc. The bakery charges $8 on average per cupcake.Refer to Scenario 9.8. Economic profit per week is
A. -$400. B. $0. C. $600. D. $900.
While top level executives and the board of directors have wide-ranging discretion on leadership issues, most middle level managers recognize that they must exercise leadership:
A. within the existing architecture. B. only when told to by the senior management. C. when the company decides to sell its overseas unit. D. only when the company decides to integrate upward.