Figure 36-3
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Which of the situations illustrated in Figure 36-3 shows the effects of a currency appreciation leading to real GDP growth?
A. 1
B. 2
C. 3
D. 4
Answer: B
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Answer the next question based on the following information for Manfred's Shoe Shine Parlor.Units of LaborTotal ProductMarginal ProductTotal Revenue00 11414$422 10 330 90435 539 1176 1267442132Assume Manfred hires labor, its only variable input, under purely competitive conditions. Shoe shines are also sold competitively. How many units of output are produced when 2 workers are employed?
A. 10. B. 16. C. 24. D. 4.
Suppose in some economy there are 100 million workers; 10 million of those workers work in retail trade, and 1 million of the retail workers belong to unions. Total union membership in this economy is 40 million. The rate of unionization in retail trade
is: A. 1 percent. B. 10 percent. C. 40 percent. D. 100 percent.
A government-created monopoly arises when
a. government spending in a certain industry gives rise to monopoly power. b. the government exercises its market control by encouraging competition among sellers. c. the government gives a firm the exclusive right to sell some good or service. d. Both a and c are correct.
The production possibilities frontier has a tendency to bow outward from the origin.
Answer the following statement true (T) or false (F)