The situation in which the money a person receives does not increase even though prices rise.
a. inflation
b. economic system
c. fixed income
d. deflation
Answer: c. fixed income
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Monopolistic competitive firms in the long run earn:
a. positive economic profits. b. zero pure economic profits. c. negative economic profits. d. none of these.
The Bureau of Labor Statistics produces data on unemployment based on the number of people collecting unemployment insurance
a. True b. False Indicate whether the statement is true or false
Which of the following events would shift the labor supply curve?
a. changes in the number of women willing to work b. immigration of workers c. changing attitudes towards work d. All of the above are correct.
Given two economic systems, A and B, if economy A has an absolute advantage in the production of widgets, then
A) fewer inputs are necessary to produce widgets in economy A than in economy B. B) economy A must give up less of all other goods to produce widgets than economy B. C) economy A is less efficient in the production of widgets than economy B. D) economy A would not benefit from the specialization of production.