For a construction company that builds houses, which of the following costs would be a fixed cost?
a. the $50,000 per year salary paid to a construction foreman
b. the $30,000 per year salary paid to the company's bookkeeper
c. the $10,000 per year premium paid to an insurance company
d. All of the above are correct.
d
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A supplier of an input is unlikely to have bargaining power if
A) it has a patent on the input. B) many firms can supply the input. C) the input supplied is specialized. D) it is the sole supplier of the input.
A major macroeconomic leakage from the circular flow is:
a. Consumption b. Savings c. Saving d. Gross private domestic investment e. All of the above.
Besides retirement pension issues, ERISA focuses some attention on
A. Ponzi schemes. B. Social Security. C. ensuring employers adequately fund their retiree health care plans (when they have them). D. ensuring employers adequately fund their payroll taxes.
Collectives in the Soviet Union were inefficent producers of agricultural products. Why?
a) The farmers were too small to produce substantial crops b) Most farmers were poor and had to pay for their own equipment, seeds, and fertilizer out of their own pockets c) Farm workers had guaranteed incomes, so they had few incentives to produce more or better crops d) Soviet central planners ignores the farms in favor of factories producing consumer goods