A firm chooses the institution to purchase inputs:
A. which minimizes the transactions costs of obtaining inputs.
B. to implement profit sharing.
C. which minimizes worker shirking.
D. in order to create more divisions.
Answer: A
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The cross price elasticity for low mpg (miles per gallon; gas mileage) cars for a change in the price of gasoline is likely to be
A. zero. B. negative. C. positive and greater than 1. D. positive and less than 1.
Imagine an economy that produces capital goods and consumption goods. What will happen to its production possibilities curve if some of its existing capital stock wears out and is not replaced? How will your answer differ if more than enough capital is produced to replace the capital that wears out?
The marginal income tax rate is:
A. always less than the average tax rate. B. the tax rate applied to an additional dollar of income. C. always equal to the average tax rate. D. the tax rate applied to all income.
The saving schedule shows the relationship of saving of households to the level of:
a. Consumption b. The average propensity to save c. Investment d. Disposable income