If the quantity demanded for labor is more than the quantity supplied, there will be unemployment
a. True
b. False
Indicate whether the statement is true or false
False
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In 2012, the bottom one-fifth of U.S. households earned ________ of the nations total income
A) just over 3% B) just under 9% C) approximately 25% D) just under 50%
Suppose that marginal revenue for a perfectly competitive firm is $20 . When the firm produces 10 units, its marginal cost is $20, its average total cost is $22, and its average variable cost is $17
Then to maximize its profit in the short run, the firm A) should stay open and incur an economic loss of $20. B) must increase its output to increase its profit. C) must decrease its output to increase its profit. D) should shut down. E) should not change its production because it is already maximizing its profit and is making an economic profit.
A fact based on observable phenomenon that is not influenced by differences in personal opinion is called
a. an objective concept. b. a subjective concept. c. an unintended consequence. d. ceteris paribus.
Which curve summarizes inequality visually?
A. Income Inequality curve B. Gini curve C. Lorenz curve D. Laffer curve