Specialization of labor refers to the
a. use of more skilled versus unskilled labor
b. division of labor
c. opportunity costs of using labor
d. law of increasing costs associated with labor
e. comparative advantage of labor-using economies
B
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Firms that have downward-sloping demand curves:
a. earn positive economic profits even in the long run. b. produce homogeneous products. c. operate in a perfectly competitive market structure. d. enjoy monopoly or market power. e. are price takers.
The costs imposed on a firm from changing listed prices is termed: a. the nominal cost of inflation
b. the shoe-leather cost of inflation. c. the menu cost of inflation. d. the implied cost of inflation.
When economic profits are negative, accounting profits could be:
A. negative. B. zero. C. positive. D. All of these are possible.
A stock is a measure defined:
A. in real terms. B. at a point in time. C. per unit of time. D. in nominal terms.