With specialization
A. there are greater gains in material well being.
B. society is more productive while individuals are less productive.
C. there is more emphasis on self-reliance.
D. opportunity costs tend to be constant.
Answer: A
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Which statement is false?
A. American chief executive officers (CEOs) earn on average more than 400 times the salary of the average production worker. B. The effects of globalization has depressed American wage. C. Hourly wages and fringe benefits in the U.S. are the lowest of any industrial country. D. None of the statements are false.
When analyzing the complete model, which can predict short-run and long-run changes in the exchange rate, one must:
a. start with short-run changes and move toward long-run changes, and thereby determine expectations. b. use only the long-run model because the short-run model is largely irrelevant. c. start with the long-run equilibrium positions where expectations of future exchange rates can be determined, and use those expectations to feed into the short-run model. d. use the short-run model only, because the long run is only a theoretical concept.
Some economists argue that corporate income taxes are typically not paid by firms, but by
A. the board of directors of the firm. B. the government. C. bond holders. D. stockholders, employees, and consumers.
Total revenue divided by quantity is
A. average revenue. B. marginal revenue. C. price revenue. D. quantity revenue.