The four types of economic decision makers are:
A. Firms, corporations, households, and the government
B. Households, firms, government, and the rest of the world
C. Households, corporations, partnerships, and the government
D. Government, corporations, households, firms
C. The rest of the world, corporations, firms, government
Answer: B. Households, firms, government, and the rest of the world
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If all large firms in the economy were broken into smaller firms, the result might be
a. decreased manufacturing efficiency in some industries. b. increased prices for some manufactured goods. c. decreased investment in research and development in some industries. d. All of the above are correct.
If the slope of the indifference curve for goods X and Y is -2, then the marginal rate of substitution is
A. 0. B. 1/2. C. 2. D. infinite.
In his book Progress and Poverty, Henry George argued that:
poverty is associated with the personal characteristics of individuals and therefore cannot be remedied by government antipoverty programs. B. economic rent could be heavily taxed without impairing the supply of land or therefore the productive capacity of the economy. C. rents should not be taxed because rental income is the basic source of saving, which ultimately permits a high level of investment and economic growth. D. taxes on rents are undesirable because they have a severe disincentive effect on landlords.
If a person loses her job because her abilities and skills are a poor match with current requirements of employers, this person is considered
A. frictionally unemployed. B. seasonally unemployed. C. a discouraged worker. D. structurally unemployed.