Which of these types of firms can earn a positive economic profit in the long run?
a. monopolies, but not competitive firms or monopolistically competitive firms
b. monopolies and monopolistically competitive firms, but not competitive firms
c. monopolies, monopolistically competitive firms, and competitive firms
d. No firms earn positive economic profit in the long run. Entry will reduce all firms' economic profit to zero in the long run.
a
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Which of the following describes the extent of international trade in the U.S. economy?
A. About 20% of U.S. manufacturing jobs depend directly or indirectly on exports. B. Since? 1950, U.S. imports have increased from less than 5 percent of GDP to about 1010 percent in 2008. C. Since? 1950, U.S. exports have decreased from about 11 percent of GDP to about 4 percent in 2008. D. Each? year, the U.S. exports less than 10 percent of many agricultural crops such as wheat. E. Since? 1950, U.S. exports have decreaseddecreased and U.S. imports have increasedincreased.
Joe's income is $500, the price of food (F) is $2, and the price of shelter (S) is $100. Which of the following bundles is in Joe's opportunity set?
A) 50 units of food, five units of shelter B) 200 units of food, two units of shelter C) 100 units of food, one unit of shelter D) 150 units of food, three units of shelter
The classical economists felt that wages and prices were flexible in
A) neither the upward direction nor the downward direction. B) the upward direction but not in the downward direction. C) the downward direction but not in the upward direction. D) both the upward and downward directions.
The advice to "retrain" would be most appropriate for which of the following types of unemployment?
A) frictional unemployment B) structural unemployment C) cyclical unemployment D) core unemployment