In input, or factor, markets
A. households demand goods.
B. firms supply goods.
C. households supply resources.
D. consumers purchase products.
Answer: C
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Appendix: Each partner in a simple profit-sharing contract that splits the independently verifiable sales revenue minus unobservable cost has an incentive
a. to reject an automatic renewal of the contract b. to understate fixed cost c. to overstate avoidable cost d. to understate customer loyalty for repeat purchases e. to renew the partnership contract
Which of the following statements is correct?
a. In the short run, interest rate differentials have the greatest impact on exchange rates. b. In the medium run, differences in growth rates of aggregate demand have the greatest impact on exchange rates. c. In the long run, price and inflation differentials have the greatest impact on exchange rates. d. All of the above are correct.
If Linda’ annual income is $160,000 and she pays $35,000 in taxes, and Paul’s annual income is $100,000 and he pays $25,000 in taxes, the tax system is
A. regressive. B. progressive. C. proportional. D. degressive.
The rising part of a perfectly competitive firm’s ________ cost curve is the firm’s short run _________ curve.
A) average total; supply B) average variable; demand C) average fixed; demand D) marginal; supply