Over the last 40 years in the U.S
a. output and real wages have increased, while the capital-to-labor ratio has remained constant.
b. output, real wages, and the capital-to-labor ratio have all increased.
c. output has increased while real wages and the capital-to-labor ratio has remained constant.
d. output and real wages have increased, while the capital-to-labor ratio has fallen.
B
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Private property rights are important because:
a. they create incentives for people to improve their standard of living. b. the Constitution says so. c. they allow students to choose their major field of study in college. d. an economy cannot function without them. e. goods cannot be produced without them.
Assume a company is at a point in production where marginal product is below average product. Which of the following must be true?
A. Average product must be falling. B. Marginal product must be falling. C. Diminishing marginal product must have set it. D. All of these are true.
A price change would have the smallest income effect on a
A. bicycle. B. pair of shoes. C. pack of chewing gum. D. pickup truck.
Which of the following is used as an antitrust tool that focuses on the structure of industry?
A. Prohibiting mergers and acquisitions. B. Price regulation. C. Profit regulation. D. Forbidding business practices such as advertising.