Consider the production possibilities frontier in the figure shown. As more and more cars are produced the opportunity cost of producing more cars:
A. decreases then increases.
B. stays the same.
C. decreases.
D. increases.
Answer: D
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Using the information in the table above, calculate the employment-to-population ratio
A) 75 percent B) 65 percent C) 50 percent D) 23.2 percent
The Taft-Hartley Act of 1947 outlawed
A) strikes. B) make-work rules and forcing unwilling workers to join a union. C) right-to-work states. D) none of the above.
Given the information in the table below, calculate (a) the concentration ratio; and (b) the Herfindahl-Hirschman index.
Which of the following characterizes the difference between oligopoly and monopolistic competition?
A. Monopolistically competitive firms experience zero long-run economic profit; oligopolists may experience positive long-run economic profit. B. Oligopolists are independent of each other; monopolistically competitive firms are interdependent. C. Monopolistically competitive firms face horizontal demand curves; oligopolists face downward-sloping demand curves. D. There are many oligopolists but only a few monopolistically competitive firms.