What is the marginal cost of producing the third unit?
a. 60
b. 70
c. 90
d. 110
a
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Which of the following is a correct statement about unions in the United States?
A) The trend away from manufacturing and the deregulation of certain industries has promoted unionization of the U.S. workforce. B) Half of the top ten U.S. unions now have members who work in service and government occupations. C) Since the 1960s, there has been a gradual increase in the proportion of U.S. workers who are members of unions. D) Half of all U.S. workers are union members.
Mary has invented a new mousetrap that she believes will be better than any other. To raise money for production, she talks with a ________________, which offers to provide her with enough money as well as advice and connections in exchange for a substantial percentage of her profits.
a. local bank b. stockbroker c. venture capital firm d. bond trading company
The process by which new firms and new products replace existing dominant firms and products is called:
A. monopolistic competition. B. the inverted-U process. C. process innovation. D. creative destruction.
The two sectors of the economy in the simple circular flow model are
A. households and businesses. B. foreign markets and domestic markets. C. the private sector and the public sector. D. the employed and the unemployed.