The patented outcome of a research project financed by a private organization is a private good.
Answer the following statement true (T) or false (F)
True
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Country X is the largest producer and exporter of oil in the world. Which of the following is likely to happen if the world demand for oil increases?
A) Country X's labor demand curve will shift to the right. B) Asset prices in Country X will fall. C) Country X's labor supply curve will shift to the left. D) Consumption expenditure in Country X will fall.
Paul's Plumbing is a small business that employs 12 people. Which of the following is the best example of an implicit cost incurred by this firm?
a. The tax payments on property owned by the firm. b. The wages paid to the 12 employees. c. The half of the payroll taxes on the wages of the 12 employees paid by the employers, but not the half paid by the employees. d. The accounting services provided free of charge to the firm by Paul's wife, who is an accountant.
An expansionary monetary policy will
a. increase imports. b. decrease exports. c. increase a current account deficit. d. decrease a capital account surplus.
A portion of a worker's earnings is economic rent if the worker
A) has skills that make him more productive than an unskilled worker. B) would accept a small reduction in pay without quitting. C) was the last person hired at the going wage rate. D) has been on the job for at least a year.