As a real estate agent, Krista Otavi prides herself on her good training, availability to clients, and hard work to make a sale. Which one of the basic ways of product differentiation does Krista emphasize?
a. services
b. product image
c. location
d. commission rate
e. physical differences
A
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Because skills are costly to obtain, at a given wage rate, the
A) quantity demanded of high-skilled labor is less than the quantity demanded of low-skilled labor. B) quantity demanded of high-skilled labor is greater than the quantity demanded of low-skilled labor. C) quantity supplied of high-skilled labor is less than the quantity supplied of low-skilled labor. D) quantity supplied of high-skilled labor is greater than the quantity supplier of low-skilled labor.
Productive efficiency is achieved when
A) firms add a low profit margin to the goods and services they produce. B) firms produce the goods and services that consumers value most. C) there are no shortages or surpluses in the market. D) firms produce goods and services at the lowest cost.
The CPI is the price index used to calculate real GDP
a. True b. False
If national income is equal to zero, then consumption must also be equal to zero
Indicate whether the statement is true or false