Because fewer people are now needed to perform an average job, it is said that the information technology revolution has played an important role in slowing down productivity in the United States
a. True
b. False
Indicate whether the statement is true or false
False
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The opportunity cost of buying a good includes I. the price of the good. II. the value of time spent searching for the good
A) only I B) only II C) both I and II D) neither I nor II
The amount of profit necessary to keep the entrepreneur operating is known as
a. normal profit. b. economic profit. c. variable profit. d. explicit profit.
Toyota's just-in-time system is an example of
A) backward (upstream) integration. B) quasi-vertical integration. C) using transfer pricing to avoid price controls. D) horizontal, downstream integration.
Monopolistic competition is the only market structure that features many sellers
a. True b. False Indicate whether the statement is true or false