The goal of the firm is
A) low labor turnover.
B) to maximize sales.
C) to minimize costs.
D) profit maximization.
D
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In a Stackelberg oligopoly
A) the leader moves first, and the follower chooses its price in the second stage of the game. B) the leader moves first, and the follower chooses its output in the second stage of the game. C) both firms act simultaneously, but one chooses price and the other output level. D) there is no Nash equilibrium.
Social Security is paid for by an earmarked payroll tax
a. True b. False
Isocost lines associated with ______ total cost lie ______ the origin.
A. lower; farther from B. higher; farther from C. higher; closer to D. sunk; closer to
The rapid growth rates of less developed countries (LDCs) after adopting institutions and policies more favorable to economic freedom and voluntary exchange is not surprising when one considers that
a. LDCs can emulate and borrow successful practices and technologies from other, more developed nations. b. foreign aid payments to a less developed country are nearly always expanded rapidly when the country begins to increase its income level. c. the governments of LDCs play a larger role in economic planning, when economic freedom rises. d. economic theory indicates that improvements in institutions normally result from economic growth, rather than growth stemming from better institutions.