General Motors was able to gain advantage over Ford in the 1920s primarily because:
a. the latter failed to adapt its product policy and organization structure to meet the demands of the changing market.
b. the former had always been an M-form and better managed organization.
c. the latter charged higher prices for its cars than General Motors.
d. the former was vertically integrated with better control over its input production than Ford.
A
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Ongoing economic growth in real GDP per person requires all of the following EXCEPT ________
A) investment in human capital B) the discovery of new technologies C) saving and investment in new capital D) population growth
Economists consider economic depreciation to be the ________ in market value from the use of the capital and measure this use in terms of ________ cost.
A) increase; marginal B) decrease; opportunity C) increase; opportunity D) decrease; marginal
If a firm faces perfectly competitive product and factor markets and the marginal product of labor and capital are 4 and 9, respectively, while the wage rate is $2 and the rental rate on capital is $4, the firm should
A) use relatively more capital. B) use relatively less capital. C) increase all inputs proportionately. D) decrease all inputs proportionately.
The underground economy refers to
a. all market activity that goes unreported to the government b. all market activity that is not subject to government taxation c. all illegal activity d. transactions between U.S. citizens and foreign nationals e. rent-seeking activities on the part of private citizens