In 2017, about what percentage of goods and services sold in the United States was imported?
A. 5 percent
B. 15 percent
C. 22 percent
D. 88 percent
Answer: B
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Which of the following about costs is always true?
a. When marginal costs are less than average total costs, average total costs will be decreasing. b. When average fixed costs are falling, marginal costs must be less than average fixed costs. c. When average fixed costs are rising, marginal costs must be greater than average total costs. d. When marginal costs are greater than average total costs, average total costs will be decreasing.
If a good is free, people will continue to increase consumption until total utility is equal to zero
Indicate whether the statement is true or false
Costs that are not obvious at the start of a project are
a. variable costs b. semivariable costs c. fixed costs d. indirect costs e. hidden costs
If an increase in the government-imposed minimum wage pushes the price (wage) of unskilled labor above market equilibrium, which of the following will most likely occur in the unskilled labor market?
a. An increase in quantity of unskilled labor demanded. b. A decrease in the quantity of unskilled labor supplied. c. A shortage of unskilled labor. d. A surplus of unskilled labor (unemployment).