Fractional ownership of a firm is represented by
A. a corporate bond.
B. retained earnings.
C. a share of stock.
D. capital gains.
Answer: C
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Perfect competition is the term used to describe:
a. an industry in which a few price-taking firms produce identical products b. an industry in which numerous price-taking firms produce identical products. c. an industry in which firms are price takers and compete for market share by varying the qualitative characteristics of products. d. an industry in which numerous firms are price makers and produce identical products.
Suppose that Alpha and Omega have identically sized working-age populations but that annual hours of work are much greater in Alpha than in Omega. This could happen because
What will be an ideal response?
If aggregate demand shifts from AD1 to AD2,
A. both output and the price level will rise.
B. output will rise and the price level will fall.
C. output will rise and the price level will remain the same.
D. both output and the price level will fall.
The want-satisfying power of a good or service is known as
A. principle of substitution. B. purchasing power. C. consumer optimum. D. utility.