The greater the the number and closeness of substitutes available between monopolistically competitive firms
A) the greater the ability of a firm to raise its price above the price of close substitutes.
B) the smaller the ability of a firm to raise its price above the price of close substitutes.
C) the more inelastic the demand curve.
D) the greater the positive economic profits for a single firm.
Answer: B
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Technological advances generally result in
A) increased average number of hours worked per day. B) increased infant mortality rates. C) decreased incomes. D) increased life expectancy.
The resource income earned by those who supply ________ is called wages
A) labor B) natural resources C) entrepreneurship D) capital
Pillar(s) of the planned socialist economy:
a. State ownership b. Planned resource allocation c. Leading role of the party d. All of the above e. None of the above
The pay-as-you-go nature of the Social Security system means that _____
a. current beneficiaries are paid out of general tax revenues
b. current beneficiaries are paid out of the payroll taxes levied on current workers
c. current beneficiaries are paid based on contributions made during their last five working years
d. current beneficiaries are paid out of current earnings on the Social Security trust fund