"For-benefit" corporations are created to pursue multiple goals, such as profitability, social responsibility, and value for the broader society. These firms provide examples of:
A. long-run efficiency.
B. technical inefficiency.
C. non-entrepreneurial thinking.
D. social entrepreneurship.
Answer: D
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A firm produces staples in a perfectly competitive market and hires workers in a perfectly competitive labor market. Which of the following is true?
a. The supply curve of staples is horizontal. b. The supply curve of workers is horizontal. c. The firm's demand curve for labor is horizontal. d. The marginal revenue product of labor curve is horizontal. e. The marginal product of labor curve is horizontal.
Suppose that workers immigrate to Minnesota from Canada. Which of the following correctly describes what would happen in the market for labor in Minnesota?
a. The equilibrium wage would increase, as would the quantity of labor. With more workers, the added output from an extra worker is larger. b. The equilibrium wage would decrease, as would the quantity of labor. With fewer workers, the added output from an extra worker is smaller. c. The equilibrium wage would decrease, and the quantity of labor would increase. With more workers, the added output from an extra worker is smaller. d. The equilibrium wage would decrease, and the quantity of labor would increase. With more workers, the added output from an extra worker is larger.
The term factor of production refers to
A. Any resource input used to produce goods and services. B. Only those goods that are produced and then used to produce other goods and services. C. Labor only. D. Factories and machinery only.
Which of the following is included in Gross Domestic Product (GDP)?
A. purchases of stocks and bonds by individuals B. sales of financial assets to foreign firms C. purchases of stocks and bonds by firms D. investment spending on capital goods