Refer to the accompanying figure. Growing 1,000 bushels of wheat and no bushels of corn each year is:
A. inefficient but attainable.
B. efficient and attainable.
C. inefficient and unattainable.
D. efficient but unattainable.
Answer: B
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Shortly after the turn of the century, U.S. Steel owned most of the iron ore reserves in the country. This is an example of
A) monopoly due to government restrictions. B) a barrier to entry from owning an important resource. C) a barrier to entry from scale economies. D) monopoly due to governmental entry restrictions.
Complete the following sentence. Full employment
A) occurs when all unemployment is frictional and discouraged. B) occurs when all unemployment is cyclical and structural. C) occurs when there is zero unemployment. D) occurs when there is zero frictional unemployment. E) occurs when there is zero cyclical unemployment.
The largest union today is the _____________________.
Fill in the blank(s) with the appropriate word(s).
Select the graph above that best shows the change in the market specified in the following situation: In the market for gasoline, when the price of oil, which is used to produce gasoline, increases because of reduced production by major oil-producing nations.
Graph A Graph B Graph C Graph D