If quantity demanded for sneakers falls by 6 percent when price increases 20 percent, we know that the absolute value of the own price elasticity of sneakers is:
A. 2.3.
B. 0.3.
C. 0.7.
D. 3.3.
Answer: B
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For a perfectly competitive firm, average revenue is equal to
A) marginal cost. B) the market price. C) total revenue. D) average fixed cost.
The principle that if the amount of labour and other inputs is held constant, then the greater the amount of capital in use, the less an additional unit of capital adds to production is called the principle of:
A. increasing average capital productivity B. diminishing returns to capital C. increasing returns to capital D. decreasing output per unit of capital
A point on the production possibilities frontier reflects an
A) attainable point with full employment of all resources. B) attainable point without full employment of all resources. C) unattainable point with full employment of all resources. D) unattainable point without full employment of all resources. E) None of the above answers is correct.
Unions have been protected since 1935 by a federal law, the National Labor Relations Act (NLRA), which contains provisions for
(a) elections by workers to choose their bargaining agents. (b) employers' recognition of union bargaining agents in interstate commerce for union representation and collective bargaining purposes. (c) arbitration of disputes that cannot be resolved through bargaining. (d) all of the above.