According to the theory of ________, specialization and free trade will benefit all trade partners, even when some are absolutely more efficient producers than others.
A. comparative advantage
B. laissez-faire
C. social equity
D. absolute advantage
Answer: A
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Mika's Manicures leases a space in the local mall for $4,500 a month. For this business, this expense would be considered an:
A. explicit cost of $0. B. explicit cost of $4,500. C. implicit cost of $4,500. D. This is neither an implicit or explicit cost; it is a fixed cost of $4,500.
Economic rent is a term economists use to refer to the price paid for land ______.
a. planned for commercial development b. or any other factor with a fixed supply c. in agricultural and recreational regions d. or any other factor with a fixed demand
Microeconomics focuses on:
A.) Full employment, price stability, and economic growth. B.) The behavior of individuals, firms, and government agencies. Land, labor, and capital. Centrally planned economies.
Which of the following is NOT an organizational theory?
a. classical organization b. mechanistic c. system d. assembly