A group of three plants that is owned and operated by a single firm and that consists of a farm growing wheat, a flour-milling plant, and a plant that bakes and sells bread would best be an example of a:
A. horizontally integrated firm.
B. conglomerate.
C. vertically integrated firm.
D. multiplant firm.
Answer: C
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Why doesn't the marginal worker hired earn economic rent in a competitive labor market?
A) His reservation wage is less than the wage. B) His reservation wage is greater than the wage. C) His reservation wage is equal to the wage. D) He is paid a wage that is lower than the others.
A temporary tax cut will explicitly last for at least 10 years before it is repealed
a. True b. False Indicate whether the statement is true or false
Scarcity implies that people must
A) be miserable. B) be selfish. C) make choices. D) not be selfish.
Opportunity cost is always measured in dollar terms, rather than in terms of real goods and services
a. True b. False