Minimum-wage laws dictate the lowest wage that firms may pay workers
a. True
b. False
Indicate whether the statement is true or false
True
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A natural monopoly is a market where:
a. a single firm has control over a vital natural resource. b. many smaller firms can produce the entire market output at the same per-unit cost as could one large firm. c. a single large firm can produce the entire market output at a lower per-unit cost than a group of smaller firms. d. many smaller firms can produce the entire market output at a lower per-unit cost than could one large firm.
Assume you are lending money to a friend for a year and want to earn real interest of 5 percent on the loan. If you believe the inflation rate the next year will be 3 percent, you should charge your friend a nominal interest rate of
a. 5 percent b. 8 percent c. 3 percent d. 15 percent e. whatever he will pay
Foreign countries buy $1.2 trillion of U.S. goods and services. U.S. residents purchase $1.8 trillion of foreign goods and services. What is net exports?
The law of diminishing returns means that marginal costs will eventually rise as a firm produces more.
Answer the following statement true (T) or false (F)