At the end of World War I (1918), the United States
A. emerged as the world's leading industrial power.
B. was the world's largest economy.
C. had become the greatest military power.
D. All of the choices are true.
D. All of the choices are true.
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The returns that skilled engineering professionals earn consist of both transfer earnings and economic rent. This implies that:
a. demand for these professionals is highly elastic. b. the supply curve of skilled engineering professionals is upward-sloping. c. the supply curve of skilled engineering professionals is backward bending. d. demand for these professionals is perfectly inelastic. e. the supply curve of skilled engineering professionals is vertical.
Taxes are the difference between
a. GDP and net exports. b. GDP and consumer spending. c. Consumer spending and saving. d. GDP and disposable income.
The table below shows a competitive firm's short-run production function. Labor is the firm's only variable input, and market price for the firm's product is $2 per unit. 
If the wage rate is $200, the firm should
A. produce because average revenue product is $245, which is greater than the wage rate. B. shut down because average revenue product is $228, which is greater than the wage rate. C. produce because average revenue product is $200, which is less than marginal revenue product. D. shut down because average revenue product is $200, which is less than marginal revenue product.
If employees lose jobs because their skills are obsolete, or their company has moved to another location, this is called:
frictional unemployment cyclical unemployment structural unemployment seasonal unemployment