Which of the following is not an upper-middle income country?
a. Brazil
b. South Africa
c. Pakistan
d. Argentina
C
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Assuming fixed factor prices, the short-run industry supply curve for a perfectly competitive industry is equal to the sum of the
A) AVC curves above minimum AVC. B) ATC curves above minimum ATC. C) MC curves above minimum AVC. D) MC curves above minimum ATC.
The greater the opportunity cost of any particular occupation, the smaller the number of people who will select that occupation
a. True b. False Indicate whether the statement is true or false
Air-traffic controllers get paid high wages given their level of education. They also get frequent breaks and may only work a few days a week. Which of the following could explain their high wage?
a. the long breaks and limited work days b. the stress they face c. the comparatively low level of education required d. All of the above are correct.
When firms earn below normal rates of return
A. they raise their prices to increase their profits. B. they tend to leave the industry and seek profits elsewhere. C. they tend to stay in the industry in anticipation of other firms leaving the industry. D. they are still breaking even economically.