If the U.S. economy enters a recession, the
A) labor force tends to increase. B) economy experiences full employment.
C) unemployment rate tends to increase. D) entire population will be partially unemployed.
C
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According to the above table, the four-firm concentration ratio of this industry is
A) 69.2 percent. B) 35.1 percent. C) 66.7 percent. D) 67.5 percent.
As applied to labor demand, the marginal approach to profit
a. is irrelevant b. requires setting marginal cost equal to the wage rate c. requires setting marginal revenue equal to the wage rate d. says that a firm should increase employment if doing so adds more to revenue than it adds to cost e. says that a firm should decrease employment if doing so adds more to cost than it adds to revenue
A price increase causes a consumer's "real" income to:
A. increase. B. remain unchanged. C. decrease. D. vary along the budget line.
Recall the Application about the opportunity cost of an entrepreneur to answer the following question(s).According to this Application, which of the following is currently a popular way to earn an income?
A. renting out your home through Airbnb B. selling your kidneys C. driving your car through Uber D. cleaning other people's homes