If Patricia, an accountant, is a price-taker in her local market for tax return preparation, which of the following must be true?
A. Patricia is one of only a few accountants in her local market.
B. Patricia would lose all of her clients if she raised her prices.
C. Patricia's clients are not well-informed about other accountants' prices.
D. Patricia spends at least some of her revenue on advertising.
Answer: B
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For resource use to be allocatively efficient, when the marginal benefit of a slice of pizza exceeds the marginal cost,
A) more slices of pizza should be produced. B) fewer slices of pizza should be produced. C) no more slices of pizza should be produced. D) allocative efficiency is reached only if the marginal benefit exceeds the marginal cost by as much as possible. E) None of the above answers is correct.
Typical goals of a labor union in the United States include
A. Higher profit, higher output, and greater productivity. B. Higher wages, better working conditions, and more nonwage compensation. C. More benefits, higher pay, and less control over market labor supply. D. More vacation time, higher profit, and more flexible workplace rules.
If workers in an industry become less productive, we would expect the supply of workers to increase.
A) supply of workers to increase.
B) supply of workers to decrease.
C) demand for workers to decrease.
D) demand for workers to increase.
As of 2014, the ratio of exports to GDP for Netherlands was approximately equal to
A) 20%. B) 40%. C) 60%. D) 83%.