The last two decades in the United States have seen
a. a fall in real wages.
b. an increase in labor-force participation.
c. growth in service sector employment.
d. All of the above are correct.
d
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For a perfectly competitive firm, the price of its good is equal to the firm's marginal revenue because
A) information about price changes is hard to come by for small sellers. B) price and marginal revenue are the same economic concepts. C) individual perfectly competitive firms cannot influence the market price by changing their output. D) the firm's total revenue cannot be changed by anything the firms can do. E) there are only a small number of firms in the market.
In 2014, the price of peanuts increased. In the market for peanut butter, this change lead to ________ and which therefore ________ the price of peanut butter and ________ the quantity of peanut butter
A) a decrease in the supply; increased; decreased B) an increase in supply; decreased; increased C) a decrease in demand; decreased; decreased D) an increase in demand; increased; increased
All of the following are examples of normative statements EXCEPT:
A. Low unemployment is more desirable than low inflation. B. High rates of economic growth are preferable to low rates. C. Output per person should increase at an average annual rate of 5 percent. D. Output per person typically grows more slowly than output per worker.
Special-interest groups engage in rent seeking to the extent, that they shift resources from productive endeavors to activities that transfer income to their special interests
Indicate whether the statement is true or false