How can the economy of Canada be characterized?
a. free market
b. centrally planned
c. mixed, but on the side of centrally planned
d. mixed, but on the side of free market
Ans: d. mixed, but on the side of free market
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Economic development encompasses which of the following measures?
a. Distribution of income. b. Legal system. c. Transportation structures. d. All of these.
Figure 6.2 shows the cost structure of a firm in a perfectly competitive market. Suppose the current market price is $6 and the firm produces at a given output level. If the firm's total fixed cost increases due to a new government regulation, the short-run response of the firm should be to:(Note: since the question does not restrict the firm's response to the short run, we can't rule out that the rise in fixed cost will push the firm below the breakeven point and that the firm will exit the industry in the long run, thus
decreasing its current output level.) A. produce its current output level. B. decrease its current output level. C. increase its current output level. D. There isn't sufficient information.
If we assume competitive labor markets, the supply curve of labor when the firm is a monopoly is
A. horizontal. B. upward sloping. C. vertical. D. downward sloping.
Which of the following is a microeconomic question?
A) How much will be saved and how much will be produced in the entire economy? B) What will the level of economic growth be in the entire economy? C) What factors determine the price of carrots? D) What determines the average price level and inflation?