Relative to a Mobile Factor of Production, Economic Theory Suggests

question 70

Multiple Choice

Relative to a mobile factor of production, economic theory suggests that the price elasticity of supply for a highly immobile factor of production (for example, land) will be

• A) more elastic.
• B) less elastic.
• C) of unitary elasticity.
• D) this is a trick question; the price elasticity of supply for factors of production is not affected by factor mobility.

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Definitions:

Payroll Register

A payroll record that accumulates the gross earnings, deductions, and net pay by employee for each pay period.

Post-Retirement Benefits

Post-Retirement Benefits are benefits that employees receive after retiring from service, including health insurance, life insurance, and pensions, excluding the standard government benefits.

Employees' Work Years

A measure of the total number of years of service contributed by all employees in an organization.

Employees' Retirement Years

The number of years an employee has contributed or will contribute to their retirement plan until retirement.