The cost of an action is
A) indeterminate from a strictly economic point of view.
B) the value of the next-best alternative opportunity sacrificed
C) the cost to the consumer plus the cost to the producer.
D) the number of consumers needed to set the price.
E) measured only in money.
B
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Gross Domestic Product is defined to be the market value of all the final goods and services produced during a given time period
A) within a country. B) within and outside a country by that country's citizens. C) by citizens of the country, regardless of their place of residence. D) by only legal residents of the country. E) within a county minus the market value of all the final goods and services produced by that country's citizens outside the country.
Which of the following is FALSE about firms organized along functional lines?
a. Workers develop functional expertise b. Workers can easily share information within their division c. They inhibit the exploitation of economies of scale d. None of the above
Explain what is meant when it is said that the demand for labor is a derived demand
A franchisee works than a salaried manager of company store because
a. Less, he doesn't get to keep the additional profits he generates b. Harder, he gets to keep the additional profits he generates c. Lesser, he is generally lazy d. Harder, he doesn't get to keep the additional profits he generates