The equilibrium price is the price at which the quantity
A) sold equals the quantity bought.
B) demanded equals the quantity sold.
C) demanded equals the quantity supplied.
D) supplied equals the quantity bought.
C
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Which of the following will not shift the demand curve for labor?
A. the use of a larger stock of capital with the labor force B. a change in the wage, marginal resource cost C. the adoption of a more efficient method of combining labor and capital in the production process D. an increase in the price of the product that labor is helping to produce
The "equality of opportunity" idea of fairness claims
A) a society should make the poorest as well off as possible. B) the results and the rules should both be fair. C) it's not fair if the rules aren't fair. D) private property can be transferred under government order. E) only a first-come, first-served system of allocating resources is fair.
An economy produces only food and shelter. There are two individuals in the economy: Bill and Mary. Mary's opportunity cost of producing 1 unit of shelter is 2 units of food. Bill's opportunity cost of producing 1 unit of shelter is 4 units of food
A) Bill has a comparative advantage over Mary in the production of shelter. B) Mary has a comparative advantage over Bill in the production of food. C) Mary has a comparative advantage over Bill in the production of shelter. D) Bill has an absolute advantage over Mary in the production of shelter.
By definition, a proprietorship is
A) owned by many shareholders. B) a large manufacturing concern. C) owned by a single individual. D) managed by a large group called the "board of directors."