According to the neoclassical theory of distribution, the wages paid to workers
a. reflect the market prices of the goods those workers produce.
b. reflect the degree of market power held by the firms that pay those wages.
c. fail to reflect those workers' opportunity costs of leisure.
d. are unrelated to the forces of supply and demand.
a
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When a farmer uses someone else's land in exchange for a percentage of the crop, this is called
a. rental contract b. labor contract c. sharecropping d. tenancy e. none of the above
Regarding forecasting, which of the following statements is NOT true? a. Operations managers need sales forecasts to plan future production
b. Financial managers need estimates of future sales revenues, disbursements & capital expenditures in order to plan effectively. c. Forecasts of credit conditions are needed to plan the cash needs of the firm. d. Public administrators and managers of NFP corporations need not forecast, since they need not make a profit. e. Both c and d are false.
The marginal rate of substitution measures
A) the impact of product substitution. B) the changes in marginal utility along the indifference curve. C) the consumer's willingness to substitute one product for another so that total utility will remain unchanged. D) the consumer's willingness to substitute one product for another so that marginal utility will remain unchanged.
Refer to the table. If equilibrium real GDP is $31 billion, the equilibrium price level will be:
Answer the question on the basis of the following table for a particular country in which C is
consumption expenditures, I g is gross investment expenditures, G is government expenditures,
X is exports, and M is imports. All figures are in billions of dollars. Each question is
independent of other question using the same table, unless otherwise stated.
A. 128.
B. 125.
C. 122.
D. 119.