Sunk costs
A) are costs associated with repairing something you already own.
B) are important for optimal decision making.
C) are costs that have already been paid and cannot be recaptured in any significant way.
D) are costs that firms sink into marketing.
Answer: C
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Eminent domain is used by
A) the federal government. B) state governments. C) local governments. D) All of the above are correct.
The New York Times reported in November 2008 that 240,000 additional people lost their jobs which increased the unemployment rate to 6.5 percent
In addition, it was noted that a large number of college graduates were "taking jobs that do not require a college degree." It was also expected that "teens will be thrown out of the labor market....causing youths to miss experience" that could help them prepare for higher-skilled jobs. The article reflects the idea that unemployment is a problem because it results in A) a loss of human capital. B) fewer discouraged workers. C) a loss of income. D) a decrease in the labor force.
The price elasticity of demand would most likely be the lowest for
A) a McDonald's hamburger. B) salt. C) a Toyota sport utility vehicle. D) Shell gasoline.
A patent is
A. the monopoly right given to a producer/company. B. a bond issued by the government. C. an agreement between a union and management on certain labor issues. D. a bond issued by a state.