The time period during which all factors of production can be varied is the
A. long run.
B. short run.
C. calendar year.
D. production time.
Answer: A
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Refer to Figure 18-1. The sales tax revenue collected by the government is represented by the area
A) B + C + F + G. B) E + H. C) F + G. D) B + C.
Comparative advantage has mixed results when it comes to predicting a country's trade patterns. Which of the following is FALSE?
A) There are many potential products an economy might export that use the same comparative advantage. B) A large share of international trade is not based on comparative advantage. C) Comparative advantage has proven completely incapable of predicting trade. D) Comparative advantage is a dynamic concept, which means that the spread of technology, improvement in skills, and learning-by-doing may alter a country's comparative advantage over time.
Which of the following statements characterizes perfect competition?
a. Producers enjoy complete freedom of entry and exit from the industry. b. Producers sell differentiated products. c. Producers are price makers. d. Consumers are price makers. e. The firm is not free to choose the quantity that it wishes to produce.
Which of the following is not a reason unions became much less effective in the 1990s?
A. Greater competition in domestic markets B. Increased foreign competition C. Downsizing by American firms D. Increased regulatory scrutiny