Income per capita is ________
A) gross domestic product divided by total labor force
B) gross domestic product divided by total population
C) gross domestic product divided by total amount of capital used
D) gross domestic product divided by total unit of all goods produced
B
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It is always the best strategy to
A) not always be the first mover. B) be the first mover. C) never innovate. D) to seek accounting profits.
The invisible hand principle indicates that competitive markets can help promote the efficient use of resources
a. only if buyers and sellers really care, personally, about economic efficiency. b. even when each market participant cares only about their own self interest rather than about the overall efficiency of resource use. c. even if business firms fail to produce goods efficiently. d. if, and only if, businesses recognize their social obligation to keep costs low and use resources wisely.
The foreign exchange system that has the highest foreign exchange risk is
A. the Bretton Woods system. B. the Gold Standard C. the fixed exchange rate. D. the floating exchange rate.
A firm's employment of labor outside the country in which the firm is located
A) is outsourcing. B) shifts the supply of labor in the original country. C) is the marginal revenue product. D) shifts the supply of labor in the other country.