A monopoly may breed inefficiency by reducing competition and restricting production
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following is typically not counted in GDP?
A) any nonmarket good and services B) income generated from apartment rentals C) illegal drug sales D) all of the above E) none of the above
The entry of baby boomers into the labor force and increased labor force participation of women
A. Decreased the employment rate and caused per capita GDP to fall. B. Increased the employment rate and caused per capita GDP to fall. C. Decreased the employment rate and caused per capita GDP to rise. D. Increased the employment rate and caused per capita GDP to rise.
Growth in standards of living over time depends for the most part on ______.
a. price controls b. stock markets c. unemployment d. productivity
In Figure 5.8, if the supply curve moves from S1 to S5,
A. the firm will go from making an economic profit to a normal profit. B. the firm will make a smaller economic profit than they used to. C. the firm will go from making an economic profit to a loss but one that is not big enough to make it want to shutdown. D. the firm will go from making an economic profit to a loss that is big enough to make it want to shutdown.