Tag: Economics – Others

Willow a plant manager wants to institute a compensation system in which more efficient workers earn a higher wages. Willow is proposing to institute a differential rate system. True or false ?

All of the following are typical variable costs for a small business except:
Rental payment
Electricity
Hired labor
Paper

Assume that production costs rise and demand remains constant. The equilibrium price will
_____
and the producer surplus will
_____
.
Increase; increase
Increase; decrease
Decrease; increase
Decrease; decrease

A change in which of the following will result in a shift of the supply curve?
taxes and subsidies
cost of inputs used to produce the product
technology and productivity
All of the above.

Which of the following is an example of a preferential trade agreement?
A. free trade area
B. customs union
C. common market
D. These are ALL examples of a preferential trade agreement.

An economy in which individuals and businesses make decisions based on consumer needs and wants is a
communist economy
planned economy
market economy
socialist economy
I DON’T KNOW YET

The author Shapiro suggests that support for the economic argument might be that foot binding disappeared at about thesame time that mechanical spinning looms arrived in China.a. FALSEb. TRUE

Throughout the post-World-War Il era, the world’s economies have become increasingly against. trade in terms of the movement of goods and services, business enterprise, capital, and technology.

Policy-makers who advocate for minimum wage laws do so because they believe workers should be paid based on their level of need as opposed to their productivity.
Question 46 options:
True
False

National income, or gross domestic product, is used for which of the followingGroup of answer choices
Consumption
Government spending (e.g., taxes)
Savings, or investment
All of these
None of these