If an economy is operating on its production possibilities curve, it is:
A) efficient and fully employed.
B) fully employed but not necessarily efficient.
C) efficiently producing but not necessarily fully employed.
D) inevitably going to grow in the future.
Ans: A) efficient and fully employed.
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Edward Denison found that labor's contribution to output growth in the United States since 1929 was attributable to all the factors below except
A) rising population. B) an increase in the percentage of the population in the labor force. C) an increase in the number of hours worked per person. D) higher educational levels.
Which of the following is true?
a. The price charged by a monopolistically competitive firm is equal to that charged by a perfectly competitive firm. b. The price charged by a monopolistically competitive firm is less than that charged by a perfectly competitive firm. c. The output produced by a monopolistically competitive firm is more than that produced by a perfectly competitive firm. d. The output produced by a monopolistically competitive firm is equal to that produced by a perfectly competitive firm.
Suppose a firm currently produces 325 units of output per day with 15 workers. The firm is able to produce 340 units of output with a 16th worker. What is the marginal product of the 16th worker?
a. 10 units of output b. 15 units of output c. 16 units of output d. 25 units of output
Which of the following industries has the highest concentration ratio?
a. jeans b. fruit c. household laundry equipment d. restaurants