The factor of production called "labor" can be defined as the:
A. time spent by employees in the production of goods, but not services.
B. fraction of total costs spent on people.
C. number of worker-hours a business uses at a given time.
D. number of people a business has access to at any given time.
C. number of worker-hours a business uses at a given time.
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Using the Gordon growth model, a stock's current price will increase if
A) the dividend growth rate increases. B) the growth rate of dividends falls. C) the required rate of return on equity rises. D) the expected sales price rises.
Which of the following is a negative externality connected to automobile transportation?
A) Driving faster than the 65 mph speed limit is not allowed, even though individuals are able to do it, and many want to. B) In an accident, a person who chooses not to wear a seatbelt becomes an object moving around the inside of the car, possibly hitting other, belted-in, passengers with lethal force. C) Gasoline is taxed on a per-gallon basis. D) Gasoline is imported, and thus increases the trade deficit. E) While stuck in traffic, you have a chance to listen to your favorite CD, which you haven't had the time to do in other places.
Experiments:
A. make it easier to determine whether people's choices are consistent with standard economic theory, but can make it harder to establish causality. B. often make it easier to establish causality, but can make it harder to determine whether people's choices are consistent with standard economic theory. C. make it easier both to establish causality and to determine whether people's choices are consistent with standard economic theory. D. make it harder both to establish causality and to determine whether people's choices are consistent with standard economic theory.
If the demand for pizza increases, then as a result, it is highly likely that the demand for:
A. chicken nuggets will fall. B. soda will increase. C. mozzarella cheese will increase. D. All of these are a likely result.