If real GDP per person in a country equals $20,000 and 40 percent of the population is employed, then average labor productivity equals:
A. $8,000.
B. $20,000.
C. $50,000.
D. $40,000.
Answer: C
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Monopoly power results from the ability to
A) set price equal to marginal cost. B) equate marginal cost to marginal revenue. C) set price above average variable cost. D) set price above marginal cost.
Government intervention may be appropriate to correct market outcomes because of
A. Externalities. B. Production possibilities. C. Private goods. D. None of the choices are correct.
Compounding refers to the
A. process of earning interest on both the principal and the interest of an investment. B. internal rate of return a firm earns on an investment. C. real interest return after taxes. D. calculation of after tax interest returns.
When an employer that controls the demand for labor opposes a union that controls the supply of labor, it is called
A. an oligopoly. B. an oligarchy. C. a bilateral monopoly. D. a monopsony.