Two social institutions that are essential for trade to be organized are ________
A) property rights and laws
B) markets and banks
C) businesses and banks
D) markets and property rights
D
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Juan's Software Service Company is in a perfectly competitive market. Juan has total fixed cost of $25,000, average variable cost for 1,000 service calls is $45, and marginal revenue is $75. Juan's makes 1,000 service calls a month
What is his economic profit? A) $5,000 B) $25,000 C) $45,000 D) $75,000 E) $50,000
The figure above shows the market for low-skilled labor in Midland city. The government sets a minimum wage at $6 per hour
With the minimum wage law enacted, at the quantity of labor employed, the value to the firm of last worker hired is ________ the wage rate for which that person is willing to work. A) the same as B) $3 per hour less than C) $3 per hour greater than D) $1 per hour greater
To exercise the law of comparative advantage, a nation
a. must produce some goods using fewer resources than its trading partner. b. does not have to produce any goods using fewer resources than its trading partner. c. must produce some goods on an equal footing with its trading partner. d. must show a lower absolute cost of production than its trading partner.
Monetary and fiscal policy making that is carried out in response to a pre-set rule and does not respond to changes in economic activity is known as
A) active policy making. B) discretionary policy making. C) nondiscretionary policy making. D) Keynesian policy making.