In the figure above, the quantity of low-skilled labor employed is
A) 2,000 hours per day.
B) 4,000 hours per day.
C) 5,000 hours per day.
D) 7,000 hours per day.
C
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What is the Federal Open Market Committee and what are its main functions?
What will be an ideal response?
Which of the following statements about barriers to entry is false?
A) They restrict entry into industries in which positive economic profits are being made. B) They are somewhat lessened by the existence of patents. C) They may be due to legal impediments such as licenses. D) They may be due to a single firm controlling access to a natural resource or production process.
Sellers in a perfectly competitive market make special arrangements to deal with particular customers and stand to lose value if their relationship with those customers ends
Indicate whether the statement is true or false
Which of the following is not a characteristic of most less-developed countries?
a. low per capita income b. political instability c. a high percentage of the population under the age of 15 d. inadequate infrastructure e. high productivity