Which of the following is NOT counted as an economic resource?
a. Money supply.
b. Physical labor.
c. Mental abilities of labor.
d. Land.
e. All of the above are included.
.A
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The Coase Theorem implies that the reason people sue each other in court is that transactions costs are too high.
Answer the following statement true (T) or false (F)
Refer to the figure above. Which demand curve above is relatively more elastic between P1 and P2?
A. D1 B. D2 C. D3 D. D4
If a union succeeds in increasing the wage rate by restricting labor supply, then
A) all of its members will be better off. B) some members may lose their jobs. C) all of its members will be worse off. D) more of its members will be employed.
What is the relationship among the following variables for a perfectly competitive firm: the market price, average revenue and marginal revenue?
A) Average revenue is equal to the market price; average revenue is greater than marginal revenue. B) The market price is equal to both average revenue and marginal revenue. C) Average revenue is equal to marginal revenue; average revenue is greater than the market price. D) As a firm lowers the market price to sell more output, marginal revenue and average revenue will be less than the market price.