If the variable cost curve is a straight line, then the
A. marginal cost curve may be U-shaped.
B. marginal cost curve is upward sloping.
C. marginal cost curve will be U-shaped.
D. marginal cost curve will be horizontal.
Answer: D
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Alan could most directly apply the principles of economic decision making with respect to his job when:
A. deciding which girl to marry. B. deciding how to spend his paycheck. C. deciding which route on his way to work is the most scenic. D. deciding what to have for dinner after a long day at work.
The type of unemployment that is due to changes in the structure of the economy is
A. cyclical unemployment. B. structural unemployment. C. frictional unemployment. D. adjustable unemployment.
Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
Which of the following is NOT a characteristic of competitive markets?
A) standardized product B) purchases and sales of individual traders are small relative to the total volume traded C) prices adjust quickly D) there are relatively few sellers