Which of the following is true of America's millionaires?
a. Most millionaires inherited at least half of their wealth.
b. Millionaires are far more likely than others to be self-employed entrepreneurs.
c. It is virtually impossible to achieve this status by saving and investing over a lengthy period of time.
d. Only about 20 percent of the millionaires in the United States have college degrees.
B
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
Meredith receives a wage hike. If Meredith decides to work an extra hour
A) her reservation wage rate exceeds her value of marginal product. B) her opportunity cost of leisure is high. C) her substitution effect is greater than her income effect. D) she operates on the backward-bending portion of her labor supply curve.
Collusion is
A) legal under U.S. antitrust laws if the intent is to increase competition. B) necessary for firms to raise money by borrowing from investors or from banks in order to fund research and development required to develop new products. C) an agreement among firms to charge the same price or otherwise not to compete. D) common among monopoly firms.
According to Kuznets (1954), competition will
(a) unfairly destroy leading industries and impede overall economic growth across industries. (b) require government intervention. (c) push efficient industries into leadership roles and pull the backward and forward industrial links to these leaders with them. (d) contract consumer market opportunities.