In the United States today, nearly ________ of the population has attained a college degree.
A. 15 percent
B. 50 percent
C. 30 percent
D. 40 percent
Answer: D
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Which of the following would be included in GDP?
a. Production of computers by IBM in Japan b. The value of a car. c. The commission on the sale of your house. d. The value of childcare provided at home by the child's mother.
Which of the following markets most closely resembles the characteristics of a perfectly competitive market?
A. The cable television industry B. The fast food restaurant industry C. The steel industry D. Hot dog vendors on city streets
One example of a microeconomic question is, "Should unemployment benefits be increased?"
Answer the following statement true (T) or false (F)
Which is a feature of a purely competitive market?
A. Price differences between firms producing the same product B. Significant barriers to entry into the industry C. The industry's demand curve is perfectly elastic D. Products are standardized or homogeneous