Short-run supply curves for perfectly competitive firms tend to be upward sloping because:
A) there is diminishing marginal product for one or more variable inputs.
B) marginal costs increase as output increases.
C) marginal fixed costs equal zero.
D) A and B are correct.
E) B and C are correct.
D
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The total population of an economy is 175 million, the labor force is 125 million, and the number of employed workers is 117 million. The unemployment rate for this economy is
A. 7%. B. 3%. C. 6%. D. 5%.
Which of the following is not among the factors that lead to economic growth?
a. Increases in employment b. Increases in the capital stock c. Improvements in technology d. Government transfer programs e. Political stability and an efficient legal system
Assume that the United States levies a high tariff against Japanese steel. How is the tariff likely to affect a. U.S. steel workers? b. General Motors? c. Bethlehem Steel? d. Japanese automobile producers? e. U.S. electric utilities?
What will be an ideal response?
The nominal exchange rate is 3 Malaysian ringgits per dollar. The real exchange rate is 8/5 . If a Big Mac costs 7.5 ringgits in Malaysia, how much does a Big Mac cost in the U.S.? Show your work