In his book The Wealth of Nations, Adam Smith employed the example of a pin factory in order to explain what economic concept?
A) why no firm would want to hire so many workers as to experience a negative marginal product of labor
B) the relationship between the marginal and average product of labor
C) the law of diminishing returns
D) the division of labor
D
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________ is the total value of final goods and services produced within the borders of a country, using current market prices to determine the value of each unit that is produced
A) Gross national product B) Real gross domestic product C) Nominal gross domestic product D) Total product
Rob is considered unemployed in the Current Population Survey if he
A) does not have a job and stopped looking for a job at least two months ago. B) is in his last term of college before he graduates. C) has looked for a job in the last four weeks but has not found a job. D) has a part-time job but would like a full-time job. E) has worked at least 1 hour but not more than 15 hours as a paid employee during the last week.
Which of the following federal activities was new under the New Deal? The federal government
(a) subsidized building construction. (b) provided federal finances to build houses. (c) established regulatory agencies intended to influence activities in private markets. (d) engaged in all of the above.
Which of the following accurately describes a major difference between a monopolist and firms in competitive price-searcher markets?
a. A monopolist will maximize profit, while firms in competitive price-searcher markets will maximize sales. b. A monopolist may be able to earn long-run economic profit, but firms in competitive price-searcher markets will not be able to do so. c. A monopolist will charge a price that is greater than its marginal cost, but competitive price searchers will charge prices that are just equal to their marginal cost. d. A monopolist will charge a price that is just equal to its marginal cost, but competitive price searchers will charge prices that are greater than their marginal cost.