An economy in which output has decreased and prices have increased would suggest that there has been a:
A. negative demand side shock.
B. negative supply side shock.
C. positive demand side shock.
D. positive supply side shock.
Answer: B
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Fixed costs are:
A. costs that depend on the quantity of output produced. B. costs that don't depend on the quantity of output produced. C. inputs costs that stay the same price per unit. D. costs that are negotiated to stay the same throughout the life of a contract.
Which of the following would probably not result in acquiring human capital?
A. Taking an economics course. B. Learning how to make chicken parmigiana. C. Playing varsity soccer. D. Purchasing a new piece of machinery.
History has shown that over the long run, labor-saving technology has actually not reduced employment
a. True b. False Indicate whether the statement is true or false
The freedom of individuals to start and operate private business in search of profits is known as
A. laissez-faire. B. centralized decision making. C. consumer sovereignty. D. free enterprise.