A labor intensive production process is one in which:
A. a lot of labor is hired relative to the total inputs needed to produce the good.
B. highly skilled labor is needed to produce the good.
C. a part of the production process must be done by labor and cannot be substituted.
D. total costs will be minimized if labor is the primary factor of production used.
A. a lot of labor is hired relative to the total inputs needed to produce the good.
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Interest rates spreads between long-term and short-term Treasury bills ________
A) are countercyclical B) are good predictors of recessions C) are a lagging indicator D) all of the above E) none of the above
Which of the following is true about market demand?
A. It is typically horizontal B. It is downward-sloping C. it is inconsistent with the law of demand D. It represents the quantity of a good people are willing, but not necessarily able to buy
If the supply curve for orange juice is estimated to be Q = 40 + 2p, then
A) supply is price elastic at all prices. B) supply is price inelastic at all prices. C) supply is elastic only at prices below 20. D) No general statements about price elasticity of supply can be made.
In a competitive market, the demand curve shows the ________ received by consumers and the supply curve shows the ________
A) utility; average cost. B) marginal benefit; marginal cost C) economic surplus; opportunity cost D) net benefit; net cost