A discouraged worker is someone who
A) is not in the labor force. B) is employed.
C) has been fired. D) is unemployed.
A
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Which of the following is a term for an innovative new product or production technology which disrupts the status quo in a market, leading the innovators to earn more income and profits and the other firms to lose income and profits, unless they can come up with their own innovations?
a. disruptive technological change b. disruptive market change c. disruptive trade change d. disruptive transfer change
Define a traditional economy and name nation(s) that use them.
What will be an ideal response?
How does a better technology affect a producer who uses this technology?
a. It keeps production costs steady. b. It reduces production costs. c. It lessens the seller’s willingness to supply the good. d. It lowers expectations about the good.
A firm's opportunity cost of using resources provided by the firm's owners is called:
A. sunk costs. B. fixed costs. C. explicit costs. D. implicit costs.