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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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.
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