Economists define the rent of a resource as the
a. value of the resource
b. difference between what the resource is paid on the market and the cost of bringing that resource into production
c. present value of the resource
d. land-profit generated by the resource
e. opportunity cost of using the resource in production
B
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If the labor force consists of 1,000 people and and the unemployment rate is 7%, then 930 people must be considered employed
Indicate whether the statement is true or false
Which of the following is not used as a trade protection practice?
a. tariff b. quotas c. safety standards d. foreign-owned domestic production e. nontariff barriers
A supermarket running out of bananas is an example of
a. horror b. a shortage c. utilization d. socialism
An advantage of conventional job analysis interviews and questionnaires is _____.
A. increased employee understanding of the process B. lower cost to the organization C. reduced subjectivity D. less time to complete the process