For given input prices, isocosts farther from the origin are associated with:
A. initially lower, then higher costs.
B. lower costs.
C. higher costs.
D. the same costs.
Answer: C
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The distinction between physical and financial capital is that
A) physical capital is equal to financial capital minus depreciation. B) financial capital depreciates and physical capital does not. C) the value of financial capital depends on the amount of available physical capital. D) physical capital is equal to financial capital plus depreciation. E) financial capital is used to purchase and operate physical capital.
In making a decision about whether to increase its advertising budget the firm management should not consider
A. the added cost of producing more goods for sale. B. the cost of the increased advertising. C. the added revenue from increased sales. D. interest payments on the firm's loan. E. none of the above
Using the Lorenz curve, the degree of income inequality is measured by the:
A. line connecting all points for which a given percentage of families receives exactly that cumulative percentage of income. B. distance of the Lorenz curve from the line of perfect equality. C. flat diagonal line that applies to a perfectly elastic demand curve. D. number of times the Lorenz curve crosses the line of perfect equality.
Labor unions did not become traditional or popular institutions until the
A. 1920s. B. 1940s. C. 1960s. D. 1980s.