A firm might offer efficiency wages so its workers will eat a more nutritious diet and therefore be healthier and more productive
a. True
b. False
Indicate whether the statement is true or false
True
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The legislation that granted unions the legal right to organize workers and bargain collectively with employers was the
a. Norris LaGuardia Act b. Wagner Act c. Taft-Hartley Act d. Landrum-Griffin Act e. Civil Rights Act of 1964
Which of the following is an example of a change in culture affecting the production of a good or service:
A. A shortage of chocolate chips causes a cookie company to stop production. B. Laws banning smoking in restaurants result in a decrease in demand for cigarettes. C. An oil spill in the ocean causes local seafood restaurants to lose business. D. The "green movement" leads to an increase in demand for recycled products.
Competition between oligopolists drives:
A. collusion to happen frequently. B. some firms out until the market becomes a monopoly. C. price and profits down to the perfect competition level. D. price and profits down to below the monopoly level.
Alyssa runs a "Dessert of the month" delivery service. To operate her business each year, she spends $30,000 on baking supplies (flour, sugar, etc.), $50,000 on rent for her shop, and $5,000 for utilities. She owns her delivery van, estimating that in alternate uses it could generate $15,000 in income per year. Alyssa has other funds tied up in the business that could earn her $2,000 per year in interest. Alyssa has been offered $50,000 to work full time at a competing bakery. Her bakery generates $160,000 per year in revenue from subscriptions to her monthly service.Based on the information above, which of the following is true about Alyssa's costs and profits?
A. Alyssa's implicit costs are $67,000 and her economic profits are $93,000. B. Alyssa's explicit costs are $85,000 and her accounting profits are $8,000. C. Alyssa's explicit costs are $67,000 and her implicit costs are $85,000. D. Alyssa's accounting profits are $75,000 and her economic profits are $8,000.