Which of the following is likely among the most concentrated industries in the United States?
A. primary aluminum
B. wheat farms
C. computers
D. breakfast cereals
Answer: D
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The tables above show a nation's labor demand and labor supply schedules and its production function. The equilibrium real wage rate is ________ and the equilibrium quantity of labor is ________ billion hours per year
A) $50; 100 B) $40; 90 C) $30; 80 D) $40; 80 E) $20; 110
Why is the equilibrium price the best deal available for both buyers and sellers?
What will be an ideal response?
Margarine and butter can both be used as a spread on toast. This means that they are:
a. independent goods. b. complementary goods. c. substitute goods. d. Giffen goods. e. inferior goods.
Suppose as a reaction to terrorist attacks, the U.S. government were to create a new branch of the military employing 1,000,000 new service men and women to monitor malls, large sporting events, and infrastructure (bridges, dams, refineries, etc.). Hiring and paying these people would likely
A. decrease aggregate demand. B. increase aggregate supply. C. increase aggregate demand. D. decrease aggregate supply.