Which actor in the simplified circular flow model is on the supply side of the goods market?
A. Firms
B. Households
C. Markets for factors of production
D. Government
A. Firms
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When NAFTA was approved, Congress attempted to soften the losses suffered by some industries by
A) creating new jobs to hire workers who lost their jobs because of NAFTA. B) setting aside funds to support and retrain workers who lost their jobs because of NAFTA. C) reducing tariffs. D) imposing quotas.
What does a study of immigration figures before 1921 indicate?
(a) An overwhelming majority of immigrants came from the British Isles. (b) Voluntary immigrations slowed as 1921 approached. (c) The diversification of immigrants increased since the colonial period of U.S. history. (d) It is not possible to link immigration patterns and growth in the U.S. economy.
For which of the following products is the consumer's demand curve most likely to be vertical?
a. lobster, for a seafood lover b. cars, for high school students c. insulin, for a diabetic d. compact disks, for a music lover e. beef, for a food lover
Which of the following occur in the long-run equilibrium for the firm and the industry under perfect competition?
a. Firms produce output where price equals marginal cost, which also corresponds to where marginal cost intersects long-run average cost. b. Firms produce output where total revenue is maximized. c. Firms earn positive economic profits. d. Firms produce output where price equals average fixed cost, which also corresponds to where marginal revenue intersects marginal cost.