A company can protect itself from the opportunity cost of rising rents in an area by buying its own building
a. True
b. False
Indicate whether the statement is true or false
False
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War can be expected to do all of the following things to an economy except
a. reduce the labor supply b. reduce the capital stock c. shift the production possibilities curve inward d. reduce technological knowledge e. reduce roads, bridges, and railroad networks
Government-produced goods are added to GDP at
A. their market value. B. the value they have to their users. C. the value of the inputs used to produce them. D. the value Congress places on them.
Monopolistically competitive firms differentiate their products by:
A. selling products with slightly different physical characteristics. B. selling products at different locations. C. creating a special aura or image for the product with advertising. D. All of these
Assuming that leisure is a normal good, if an individual's labor supply curve is upward sloping, then the
A. income effect and the substitution effects are equal. B. income effect is zero. C. substitution effect outweighs the income effect at higher wages. D. income effect outweighs the substitution effect at higher wages.