Which of the following is a listing of the types or categories of resources?
A. Land, labor, and capital
B. Land, labor, and education
C. Land, labor, and efficiency
D. Land, labor, and markets
E. Land, labor, and inputs
Answer: A
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One reason why firms would choose a salary system rather than a commission compensation system is that their employees might become less concerned about the quality of their work
Indicate whether the statement is true or false
Suppose the government of South Island fixes the exchange rate of its currency, the Islandia, in terms of the U.S. dollar. Initially the exchange rate is set at $1 per Islandia. Later the government changes the exchange rate to $2 per Islandia. This is an example of a(n):
A. appreciation B. devaluation C. depreciation D. revaluation
Comparing the AS-AD model and the Phillips curve, we see that
A) they both are graphed as a relationship between the rate of inflation and the unemployment rate. B) the AS-AD model uses the price level and the Phillips curve uses the rate of inflation. C) the AS-AD model is graphed as a relationship between the inflation rate and the rate of real GDP. D) the AS-AD model uses the price level and the Phillips curve uses real GDP. E) the Phillips curve is graphed as a relationship between the price level and the unemployment rate.
In the long run, the representative firm in monopolistic competition tends to have:
A. Excess capacity B. Economic profits C. No product differentiation D. A perfectly elastic demand curve