A ______ cost is ______ if the firm incurs the cost even if it produces no output.
A. fixed; sunk
B. fixed; explicit
C. variable; sunk
D. fixed; avoidable
D. fixed; avoidable
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An example of an excludable good or service is:
A. ice cream. B. a public park. C. national defense. D. air.
Which of the following does not describe the historical patterns of unionization and strike activity in the United States?
A. Union membership did not change very much from 1900 to 1935. B. The percent of public sector employees who are in a union remained relatively constant from 1950 to 2010. C. The percent of workers involved in a strike has steadily decreased over the last 40 years. D. The percent of time lost to a strike has steadily decreased over the last 40 years. E. The percent of private sector employees who are in a union has steadily decreased over the last 40 years.
Which of the following is the largest contributor to the growth of labor productivity in the United States?
A. Technological advance. B. Education and training of labor. C. Economies of scale. D. Improved resource allocation.
Answer the next question based on information in the following table.ProductPercentage Change in IncomePercentage Change in Quantity DemandedW?1?1X+6+3Y?1+1Z+4+8Which product would be an inferior good?
A. product W B. product X C. product Y D. product Z