In a perfectly competitive industry, which of the following is a market signal to resource owners?
A) economic profits
B) quality of goods
C) the level of exports in the country
D) the level of subsidies the industry receives
Answer: A
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When output exceeds its full-employment level,
A) the short-run aggregate supply function shifts up. B) wages fall. C) the short-run aggregate supply function shifts down. D) aggregate supply exceeds aggregate demand.
In 1900, the population of _____ had the highest average income level of any country in the world
a. Germany b. the United States c. the United Kingdom d. France
A full-time student who did not have a job and was not looking for work would be categorized as
What will be an ideal response?
__________________ is attained when the maximum possible output of any one good is produced, given the output of other goods.
A. Productive efficiency B. Economic growth C. Opportunity cost D. Employment discrimination