For a wheat farmer in the middle of harvesting system, a fixed input would be
A) workers hired.
B) combines rented.
C) the land that had been planted.
D) trucks rented to haul the wheat.
Answer: C
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If an industry lacks barriers to entry and each of the many firm faces a demand curve with a negative slope, the industry is
A) perfectly competitive. B) monopolistically competitive. C) an oligopoly. D) a monopoly.
Which of the following is a rationale for development planning?
(a) government failure. (b) market failure. (c) failure of consumers to understand their preferences. (d) all of the above are rationales for development planning. (e) none of the above are rationales for development planning.
The dates of turning points are determined by a committee from the
A) FBI. B) BLS. C) BEA. D) NBER.
Continuing with the same vacation-insurance company from the preceding question, what vacation-day price(s) would be acceptable to both the family and the insurance company?
a. 2 only b. 3 only c. 2 or 3 d. 4