The common currency area in Europe is called the:
A) common market.
B) Eurozone.
C) euromark.
D) European Union.
Ans: B) Eurozone.
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In the context of the global economy, the United States' capacity utilization rate __________________ than it was just a few decades ago.
A. is much more important B. is much less important C. has the same importance
A winter ice storm has paralyzed the entire east coast, reducing productivity sharply. This supply shock shifts the marginal product of labor curve
A) up and to the right, raising the quantity of labor demanded at any given real wage. B) down and to the left, reducing the quantity of labor demanded at any given real wage. C) up and to the right, reducing the quantity of labor demanded at any given real wage. D) down and to the left, raising the quantity of labor demanded at any given real wage.
Which of the following is an advantage of a sole proprietorship?
a. the ability to pool resources b. limited liability c. double tax exemption of the firm's earnings d. ease of organization e. ease of raising funds
Suppose at the current level of labor used, MRP = $100 and MFC = $50. To maximize profits, the firm should
A. reduce the level of labor. B. maintain the current level of labor. C. hire more labor. D. shut down.