The demand curve facing a perfectly competitive firm is:
a. perfectly inelastic.
b. perfectly elastic
c. unit elastic.
d. downward sloping.
b
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In calculating the net exports component of GDP, exports
a. and imports are subtracted b. and imports are included c. and imports are equal d. are included and imports are not e. are included and imports are subtracted
Which term refers to a labor union and a firm negotiating over wages or benefits?
a. Collective bargaining b. Mediation c. Arbitration d. Cooperative bargaining
Exhibit 21-4 Coffee and tea output (pounds per hour) CountryCoffee Tea Brazil10 5 China 8 8 As shown in Exhibit 21-4, compared to Brazil, China has a comparative advantage in the production of:
A. coffee. B. tea. C. both coffee and tea. D. neither coffee nor tea.
Which of the following would be categorized as "land"?
A) timber B) human capital C) buildings D) entrepreneurship