Natural resources, labor, human capital, physical capital, and entrepreneurship are all scarce economic resources privately or collectively owned by members of society. Where these scarce resources are used to produce goods or services, there is: (check all that apply)
a. no "free lunch"
b. a cost is borne by society in utilizing these resources to produce any goods or services
c. no opportunity cost
d. no cost is borne by society in utilizing these resources to produce goods or services
a. no "free lunch"
b. a cost is borne by society in utilizing these resources to produce any goods or services
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Business cycles are officially dated by:
A) National Bureau of Economic Research, NBER. B) Bureau of Economic Analysis, BEA. C) Bureau of Labor Statistics, BLS. D) none of the above.
Refer to the above figure. A unit tax of $2 has been placed on the good. Which of the following statements is TRUE about the vertical distance between S1 and S2?
A) The distance is less than $2. B) The distance is $2. C) The distance is more than $2. D) The distance cannot be determined with the information given.
Which of the following describes the relationship among income, disposable income, taxes, and transfer payments?
a. Taxes plus transfers equal income plus disposable income b. Disposable income equals income divided by the sum of taxes and transfers c. Disposable income equals income minus taxes plus transfers d. Disposable income equals income plus taxes plus transfers e. Taxes plus transfers equal disposable income minus income
A . Explain the difference between a closed shop and a union shop. b. Which of these would firms prefer? Why? c. Which of these would unions prefer? Why?