In general, as wages go up:
A. people are willing to work less.
B. the opportunity cost of leisure goes down.
C. people will always work more.
D. the opportunity cost of leisure goes up.
Answer: D
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Refer to Figure 14.3. To maximize economic rent, the labor union will agree to wage rate:
A) W0. B) W1. C) W2. D) W3. E) none of the above
By definition, a firm is
A) a business organization that makes profits. B) a business organization that utilizes resources to produce goods or services with the goal of making a profit. C) a business organization that consists of more than one person. D) an organization, whether private or public, that may or may not make a profit.
An example of a nonrenewable resource would be:
A. Forests B. Oceans C. Gold ore D. Solar energy
________ account for the largest portion of all firms; ________ account for most of the total revenue received by businesses
A) Proprietorships; partnerships B) Proprietorships; corporations C) Partnerships; corporations D) Corporations; proprietorships