Which of the following statements correctly indicates a property of good economic questions?
A) A good economic question addresses topics that are important to economic agents and/or to the society.
B) A good economic question must always include arithmetic calculations and graphical solutions.
C) A good economic question should always be positive and not normative.
D) A good economic question should always be easy to answer.
A
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Paying efficiency wages are a way for a company to cut costs and become more efficient, and are therefore lower than market wages
Indicate whether the statement is true or false
Which of the following is an example of an intermediate product?
A. The lumber produced by Boise Cascade and sold to a builder of old houses B. An antique car sold to the highest bidder C. A pair of skis sold by a sporting goods retailer to a skier D. A share of IBM stock
Which of the following is a final good or service?
A. A haircut purchased by a father for his 12 year-old son. B. Fertilizer purchased by a farm supplier. C. Diesel fuel bought for a delivery truck. D. Chevrolet windows purchased by a General Motors assembly plant.
Suppose the supply of labor schedule increases in a perfectly competitive labor market while the market demand schedule remains unchanged. A profit-maximizing representative firm will
A. hire fewer workers. B. hire the same number of workers. C. substitute capital for labor. D. hire more workers.