During the financial crisis of 2008, firms' investment spending:
A. did not change.
B. increased slowly.
C. increased rapidly.
D. decreased.
Answer: D
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In perfect competition, if the market price of the product is initially higher than the minimum average total cost faced by the firms, then
A. other firms will enter the industry and the industry supply will decrease. B. other firms will enter the industry and the industry supply will increase. C. some firms will exit the industry and the industry supply will decrease. D. some firms will exit the industry and the industry supply will increase.
Which of the following are the rules for finding the point of allocative efficiency?
A) Produce on the PPF and then produce where the marginal benefit and marginal cost are as large as possible. B) Produce on the PPF and then produce where marginal benefit equals marginal cost. C) Produce on the PPF and then produce where marginal benefit and marginal cost are constant. D) Produce on the PPF and then produce where the marginal benefit exceeds marginal cost by as much as possible. E) Produce anywhere on the PPF.
Refer to Figure 12-6. To maximize his profit, Jason should produce the rate of output indicated by point
A) d. B) b. C) e. D) a.
The National Labor Relations Act (Wagner Act)
A) prohibited the creation of company unions. B) guaranteed workers the right to organize. C) set the minimum wage at $5.15 an hour. D) set the length of the workweek at 40 hours.