If Slick Shades, a sunglasses manufacturer, contracts with an outside supplier to manufacture the lenses for the sunglasses, this is an example of ________.
A) outsourcing
B) divestiture
C) backward integration
D) forward integration
A) outsourcing
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Economists refer to the talents, training, and education of workers as:
A. labor supply. B. physical capital. C. human capital. D. average labor productivity.
Which of the following would increase public saving?
A) an increase in transfers B) an increase in government purchases C) an increase in taxes D) All of the above would increase public saving.
The three components of personal consumption expenditures are
a. durable goods, nondurable goods, and services b. durable goods, food, and housing c. durable goods, nondurable goods, and housing d. durable goods, services, and food e. durable goods, services, and transportation
The principle that the cost of something is equal to what is sacrificed to get it is known as the:
A. marginal principle. B. principle of opportunity cost. C. principle of diminishing returns. D. reality principle.