The largest U.S. economic expansion between 1890 and the present occurred during which of the following events?
a. The Railroad Prosperity
b. World War II
c. The Great Tuna Boom
d. The OPEC Prosperity of 1974
b
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The figure above shows a labor market. If this labor market is perfectly competitive, employment is
A) 0 hours per week. B) 50 hours per week. C) 100 hours per week. D) 150 hours per week.
The above table shows the short-run production function for Albert's Pretzels. The marginal product of labor equals the average product of labor
A) for all levels of labor. B) at none of the levels of labor. C) only for the first worker. D) only for the fifth worker.
The perfect competitor's demand curve is perfectly elastic
A. only in the short run. B. only in the long run. C. in both the short and the long run. D. in neither the short nor the long run.
Per capita output is a measure of economic welfare of a country.
Answer the following statement true (T) or false (F)