A basic characteristic of a command system is that:
a. Government owns most economic resources
b. Wages paid to labor are higher
c. Government planners play a limited role in deciding what goods will be produced
d. Free markets are never permitted in a command economy
a. Government owns most economic resources
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If a minimum wage is set above the equilibrium market wage,
A) lower-skilled workers will have an easier time finding jobs. B) the quantity of labor demanded will be below the quantity of labor supplied. C) the quantity of labor supplied will be below the quantity of labor demanded. D) highly-skilled workers will have a harder time finding jobs.
The concept of workplace is changing with 24-7 access. Work and family life has become more complicated as it is harder to turn off work, a study showed that:
a. Smaller organizations may be more nurturing than larger ones. b. Executives are more time stressed than people in low-demand, low pay jobs c. The affluent have the most work-family conflicts d. Caregivers don't have much conflict because they stay at home
Corporations account for
A) the largest proportion of business revenues generated in the United States. B) the largest amount of taxes paid to the U.S. government. C) the largest number of firms in the United States. D) the smallest amount of revenues in the United States.
Which of the following statements is FALSE regarding consumer choice?
A) Each change in price has a substitution effect and a real income effect. B) When price falls, the consumer chooses in favor of the cheaper good. C) Diminishing marginal utility is one reason for a downward sloping demand curve. D) Purchasing power has an inverse relationship with the rise in income.