One reason the supply of carpenters is greater than the supply of physicians is because:
A. carpenters demand less income.
B. physicians do not belong to a union.
C. of differences in human capital.
D. carpenters belong to unions.
Answer: C
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Which statement is true?
A. Productive efficiency has never been achieved. B. The U.S. economy achieved productive efficiency from mid-1997 through mid-2001. C. The U.S. economy achieved productive efficiency from 1980 to 1997. D. The U.S. economy generally attains productive efficiency.
Refer to Figure 4-8. What is the value of producer surplus after the imposition of the ceiling?
A) $40,000 B) $100,000 C) $300,000 D) $430,000
If Japan is twice as good at producing cameras and three times as good at producing TV sets as the United States, Japan is said to have a comparative advantage in TV sets and the United States has a comparative advantage in cameras.
Answer the following statement true (T) or false (F)
In the short run, fixed costs for a profitable firm are:
A. Zero B. Negative C. Important determinants of the output level D. Irrelevant in determining the optimal level of output