Firms are organizations that
A. demand consumer outputs.
B. transform outputs into inputs.
C. transform resources into products.
D. take advantage of the public.
Answer: C
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Which one of the following resources is not underemployed?
A. The use of Manhattan Island in New York City for growing corn. B. The use of farmland in the Iowa and Illinois corn belt for buildings to do stock market research. C. An automobile factory that is shut down for two months to be retooled for a model change. D. Limiting all men to the fields of school teaching and social work.
What is a shortcoming of price control legislation?
a. Price controls lower the quantity demanded. b. Price controls often lead to reduced product quality. c. Price controls create surpluses. d. All of the above are shortcomings of price controls.
In class action lawsuits, interested parties to the lawsuit are not required to pay attorney fees directly. This is an example of an attempt to
a. maximize attorney fees. b. reduce the incentive of attorneys to file class action lawsuits. c. reduce the transaction costs of finding a private solution to an externality. d. regulate attorney fees.
If a country tries to maintain a flexible exchange rate, it must be willing to
A. print and sell its own currency to weaken it, if needed. B. sell gold and hard currency to weaken its currency, if needed. C. print and sell its own currency to strengthen it, if needed. D. accept a large fluctuation in the exchange rate.