Which of the following is counted as "capital" in economics?
A) the money people have B) the wealth people have
C) the machines workers have to work with D) the labor force
C
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Explain the connection between the price of a financial asset and its interest rate
What will be an ideal response?
Which of the following would be illegal according to the Robinson-Patman Act
a. "Party Packers" getting 10cents off every pack of ribbon they buy after 1000 units b. "Sideline Superstore" receiving 50 cents off a crate of strawberries since it buys from many other suppliers c. "Sam's Sandwiches" receiving 5 cents off per pound of cheese, since they are closer to the warehouse of the supplier d. None of the above
The period between two successive peaks in a business cycle is called a contraction
a. True b. False Indicate whether the statement is true or false
Imagine yourself to be a monopsonist producing strawberries in a small Florida farming community. a. You do not have to deal with the marginal revenue product of labor. b. You can control the price of the good. c. The wage rate is given to you and you can hire as many workers as you wish at that rate
d. You face an upward-sloping supply curve of labor and can choose any wage rate and labor combination shown on that curve. e. For your firm, labor is preferred to capital as a factor of production.