Which of the following industries would be considered to have a capital intensive production process?
A. Serving food at a restaurant.
B. Creating a hand-crafted wine.
C. Farming in a rich country
D. Creating a painting.
Answer: C
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To decrease supplier power, the firm can
a. Increase rivalry among its suppliers b. Buy from multiple suppliers c. Both A&B d. None of the above
Core inflation:
A. measures the changes in prices for the entire market basket of the average urban consumer. B. is inflation measured using the producer price index. C. measures price changes for the market basket of the average urban consumer with food and energy costs taken out. D. is inflation measured using the retail price index.
There are only two people in the world (Adam and Eve) and only one good (apples). Adam has four apples and a total utility in money terms from apple consumption of $16; Eve has four apples and a total utility from apple consumption of $20 . Which of the following statements must be true?
a. Eve's marginal utility from consuming her fourth apple must be greater than Adam's marginal utility from consuming his fourth apple. b. The total utility of society will rise if Adam gives Eve one apple. c. If Adam and Eve each always has a positive marginal utility from consuming apples, the total utility of society can only be increased by an increase in the total number of apples available for consumption. d. Adam's average utility from consuming apples is greater than Eve's average utility from consuming apples.
Due to the added worker effect, the labor force participation rate
A. is a fairly useless statistic. B. decreases during a recession. C. overcounts the number of workers with a job. D. overcounts the number of workers wanting a job. E. increases during a recession.