The quantity and quality of human capital, physical capital, technology, natural resources, entrepreneurship, and the legal and political environment determine the:
A. real interest rate.
B. average labor productivity.
C. labor force participation rate.
D. unemployment rate.
Answer: B
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Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. If the price of a car wash is $5 and the wage rate is $37.50 per day, how many workers should Winnie employ to maximize his profit?
A) 2 B) 3 C) 4 D) 5
The government weighs the potential cost savings resulting from a merger against the potential anticompetitive problems to determine whether or not to allow a merger to take place.
Answer the following statement true (T) or false (F)
________: the economic and political philosophy that national wealth and power were dependent upon a nation being able to export more than it imported
Fill in the blank(s) with correct word
If the long-run average cost curve is U-shaped, the optimal scale of production from society's viewpoint is
A) the minimum efficient scale. B) where maximum economic profit is earned by producers. C) where firm profit is large enough to finance research and development. D) one which guarantees economic profit.