Which of the following statements is TRUE?
A. The long-run aggregate supply curve is vertical.
B. The long-run aggregate demand curve is upward sloping.
C. The long-run aggregate supply curve is upward sloping.
D. The short-run aggregate supply curve is vertical.
Answer: A
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Two cities face identical prices for their housing. City A decided to be a pollution free city "Clean town" and all the factories would locate in city B "Smogville", we expect the prices of housing in city B "Smogville" to
a. increase b. decrease c. stay the same d. none of the above
Which of the following will be an efficient payment scheme for a defendant's attorney, who is experienced in handling similar cases in the past?
a. Contingency fees b. Capitation fees c. Hourly billing d. Quality based billing
The following graph shows the marginal and average product curves for labor, the firm's only variable input. The monthly wage for labor is $2,800. Fixed cost is $160,000.
When the firm uses 120 units of labor, how much output does it produce?
A. 7,500 units B. 7,000 units C. 70 units D. 8,400 units E. 9,200 units
A closed shop is a
A. business enterprise in which employees must belong to the union before they can be hired and must remain in the union after they are hired. B. strike by a union in sympathy with another union's strike or cause. C. legal environment in which businesses may hire nonunion members conditional on their joining the union by some specified date after employment begins. D. dispute involving two or more unions over which should have control of a particular jurisdiction.