In short-run competitive equilibrium, which of the following is always true?
a. Profit equals zero
b. Profit can be negative, zero, or positive.
c. Profit can be zero or positive, but not negative.
d. Profit is positive, otherwise firms would not produce.
b
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Which of the following is true?
A) The share of government expenditure in the GDP of US has fallen over the last 80 years. B) The share of consumption expenditure in the GDP of US has increased over the last 80 years. C) The share of exports in the GDP of US has grown over the last 80 years. D) The share of exports in the GDP of US has fallen over the last 80 years.
The standard of living rises at a faster pace than labor productivity if
A) n = q. B) n < q. C) n > q. D) The standard of living is not affected by the relative size of n and q.
If the elasticity of demand for cigarettes is 0.4, then an increase in the price of a pack of cigarettes from $1.00 to $1.30 would reduce quantities demanded by about
a. 27 percent. b. 40 percent. c. 12 percent. d. 95 percent.
Which of the following statements about the gender gap in income is correct?
A. The typical woman in the U.S. earns about 75% as much as the typical man. B. In higher education, women are under-represented in more lucrative majors such as physics and chemistry. C. Gender discrimination against women resulted in an excess supply of female workers in female-dominated occupations. D. All of these