Refer to Table 2-7. What is Mickey's opportunity cost of making an umbrella?
A) 1/5 of a hat B) 5 hats C) 10 hats D) 50 hats
C
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When unskilled teens earn less than college graduates, society answers the ________ question
A) why B) social interest versus self-interest C) how D) for whom E) what
When a country has a current account deficit, the country
A) is borrowing from abroad. B) is lending abroad. C) must have a government budget surplus. D) must have a government budget deficit.
An economic boom predicts the new equilibrium wage would be:
A. lower because the labor demand curve shifts left. B. higher because the labor demand curve shifts left. C. lower because the labor demand curve shifts right. D. higher because the labor demand curve shifts right.
When economies of scale are important, imposing competition by splitting a monopolistic firm into many rival units will
a. lead to an increase in the per-unit cost of production in the industry. b. not affect per-unit costs but will affect demand conditions. c. generally increase the social efficiency of production. d. cause the industry demand curve to increase (shift to the right).