Graphing the data in the above table with the number of workers on the horizontal axis and the average cost on the vertical axis, the graph would show
A) first a negative and then a positive relationship.
B) a horizontal line.
C) no relationship.
D) a linear relationship.
A
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L-shaped isoquants imply that production requires that the inputs
A) are perfect substitutes. B) are imperfect substitutes. C) cannot be used together. D) must be used together in a certain proportion.
The infant-industry argument for tariff protection is that tariffs should be imposed to protect from competition
A) industries that are essential if a country is to become an industrial nation. B) industries needed for national defense. C) industries that cannot compete with foreign competitors at this point in time, but will be able to once they gain some size and experience. D) industries that can compete with foreign competitors at this point in time and are deemed essential by the government.
Which is not counted in GDP?
A. A Social Security check sent to a retiree B. Government spending on highway building C. Money spent on an airline ticket D. Money spent by a company to build a new office park
If a person worked at least 15 hours per week as an "unpaid" worker in a restaurant owned by her family, how is she classified by the Bureau of Labor Statistics?
A) as not in the labor force B) as an unemployed person C) as an employed person D) as a discouraged worker