In cases where there is low productivity in extraction methods for a common resource,
A. the resource becomes nonrival in consumption.
B. overuse is more likely.
C. overuse is less of a problem.
D. the resource becomes excludable.
Answer: C
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Suppose Bev's Bags makes two kinds of handbags-large and small. Bev rents an industrial space where she keeps the fabric, the industrial sewing machine, her measuring board and cutting shears, extra needles, thread and buttons, and labels. Which of the following would be considered a variable cost of this company?
A. The rent B. The fabric C. The cutting shears D. None of these would be considered a variable cost.
An increase in the percentage of the labor force that is unionized will cause average wages for all workers to rise because
a. union labor is more productive. b. profit levels are lowered to increase wages. c. strike threats promote wage increases. d. This is a trick question because greater unionization does not imply higher average wages.
The shoe leather costs of inflation include all of the following except:
A. the extra costs incurred to avoid holding cash. B. the installation of a new cash management system. C. the cost of more frequent trips to the bank. D. the lost purchasing power of cash.
The basic concern of economics is to:
A) keep business firms from losing money. B) prove that capitalism is better than socialism. C) study the choices people make. D) use unlimited resources to produce goods and services to satisfy limited wants.