________ are likely a fixed cost of a firm.
A. Expenses for holiday office parties
B. Utility costs
C. The costs of raw materials used in production
D. Mortgage payments for a new warehouse
Answer: D
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Refer to Figure 2-8. What is the opportunity cost of producing 1 ton of pineapples in Costa Rica?
A) 3/8 of a ton of coconuts B) 2/3 of a ton of coconuts C) 1 1/2 tons of coconuts D) 100 tons of coconuts
Which of the following statements is true?
a. The share of income going to labor has increased during periods when union membership has increased as a proportion of the U.S. labor force. b. Inflation in the United States has tended to accelerate as the proportion of the U.S. labor force that is unionized has increased. c. Higher wages in the unionized sectors of an economy will also push up wages in the nonunion sectors. d. High real wages cannot be achieved and sustained without increases in output per worker hour.