In a franchising relationship
a. the franchisor is the local businessman or businesswoman
b. the trademark holder contracting with local operations is the franchisor
c. the franchisor is the trademark holder contracting with local operations
d. the trademark holder contracting with local operations is the franchisee
b
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Autonomous expenditure is the portion of planned aggregate expenditure that
A. equals aggregate output. B. equals induced expenditure. C. equals planned spending. D. is independent of output.
If the labor market is in equilibrium and then the labor supply curve shifts rightward
A) there will be a shortage of labor at the original equilibrium wage rate. B) there will be a surplus of labor at the original equilibrium wage rate. C) the equilibrium wage rate will rise. D) there will be a surplus of jobs at the new equilibrium.
Equilibrium market prices for capital and labor are $10 and $8, respectively. Then, the economy experiences one or more supply shocks, so that the marginal product of capital is $12, and the marginal product of labor is $9
Assuming that the available quantities of capital and labor are fixed, which of the following is (are) likely to decrease as the economy approaches its new equilibrium? A) real rental price of capital B) total output C) economic profits D) the quantity of capital in use E) none of the above
If the demand for a good is highly inelastic, a tax on the good
a. places the burden of the tax equally on buyers and sellers b. permits sellers to pass most of the cost increase resulting from the tax on to the consumers of the product c. reduces the profits earned by sellers since they must write the check to pay the tax d. makes the demand more inelastic e. makes the demand more elastic