If workers sit idly by for a portion of their workday, but are still employed, firms may be engaged in ________
A) intertemporal substitution
B) voluntary unemployment
C) labor hoarding
D) real business
C
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Broadly speaking, Social Security redistributes incomes from high-to low-income individuals, from men to women, and from young to old.
A. True B. False C. Uncertain
Which of the following statements about the concept of opportunity cost is true?
A. The opportunity cost of a decision only includes monetary outlays. B. The opportunity cost of a decision is the next best foregone alternative. C. All decisions have zero opportunity cost. D. The opportunity cost of a college education is measured by the payments for tuition and books.
A firm uses 10 acres of land and pays $2,000 rent for each acre. If the 10th acre has an MRP of $3,000, then the firm is using ________ acres of land.
Fill in the blank(s) with the appropriate word(s).
Which of the following is a long-run adjustment?
A. A firm lays off two workers. B. Two firms exit the asbestos removal industry. C. A manufacturer increases its purchase of raw materials. D. A farmer buys twice the usual amount of herbicide.