The short-run supply curve of the perfectly competitive firm is the firm’s
A. MC curve.
B. AVC curve.
C. MC curve above the minimum point on the AVC curve.
D. MC curve above the minimum point on the ATC curve.
Answer: C
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If the number employed is 190 million, the number unemployed is 10 million, and the working-age population is 250 million, then the labor force participation rate is
A) 4%. B) 5.2%. C) 60%. D) 76%. E) 80%.
Saving and taxes are considered leakages from the spending stream
a. True b. False
An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. What is the opportunity cost for Rich to produce one TV?
A. 1/3 radio B. 1/5 radio C. 3 radios D. 12 radios
alternating periods of economic growth and contraction
What will be an ideal response?