Entry barriers exist in a perfectly competitive industry
a. True
b. False
Indicate whether the statement is true or false
False
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The figure above shows the production possibilities frontiers for the United Kingdom and France. What is the opportunity cost of one bushel of wheat for the United Kingdom?
A) 1/4 of a pound of fish B) 1/2 of a pound of fish C) 1 pound of fish D) 200 pounds of fish E) 2 pounds of fish
The largest portion of the M1 money supply consists of
a. coins in circulation. b. paper currency in circulation. c. savings deposits at credit unions. d. checkable deposits.
If the price of labor increases, in order to minimize the costs of producing a given level of output, the firm manager should use:
A. less of labor and less of capital. B. less of labor and more of capital. C. more of labor and more of capital. D. more of labor and less of capital.
At full employment there is no:
A. structural unemployment. B. cyclical unemployment. C. frictional unemployment. D. All of these