An industry is likely to be an increasing-cost industry when
a. all firms are identical.
b. it represents a negligible fraction of the total demand for inputs.
c. industry expansion permits the development of supporting subindustries.
d. some firms are more efficient than others.
d. some firms are more efficient than others.
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An efficiency wage is ________ and results in ________
A) equal to the equilibrium wage; full employment B) above the equilibrium wage; a surplus of labor C) below the equilibrium wage; a shortage of labor D) above or below the equilibrium wage; a surplus or shortage of labor
In a recession, typically
A) the labour force participation rate increases. B) the employment-to-population ratio decreases. C) the employment-to-population ratio increases. D) unemployment decreases. E) none of the above.
Refer to the following graph.
If this country is producing between point P and G, it will gain by ________ its production of good A and importing more ________.
A. decreasing; good A B. decreasing; good B C. increasing; good B D. increasing; good A
Natural resources are resources that occur in nature, while capital is a produced good that is used to produce another good.
a. true b. false