In 2001, the percent of total employment in the manufacturing, mining, and construction sector equaled
a. less than 20 percent.
b. 30 percent.
c. 40 percent.
d. 60 percent.
a. less than 20 percent.
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The manager of Fatty Foods is thinking about retiring. He has two options: to leave his stores as a company stores, to be managed by a salaried manager, or to sell some of them as franchises. He however has no way of monitoring the salaried managers' activities. What would be his best bet?
a. Let the stores stay company stores b. Sell them off as franchises c. Shut down the business completely d. Never retire
The fact that monopolistically competitive firms charge a price that exceeds marginal cost is responsible for the
a. business-stealing externality that is observed in monopolistically competitive markets. b. product-variety externality that is observed in monopolistically competitive markets. c. inefficiencies of the long-term losses earned by monopolistically competitive firms. d. persistence of positive profits into the long run for monopolistically competitive firms.
Economic growth is achieved through: (check all that apply)
a. increased supplies of the factors of production. b. advances in technology. c. reduction in the quality of resources. d. decreased demand for the factors of production.
Government policies such as price controls, rent controls, and quantity restrictions have the effect of
A. creating excess quantities demanded or excess quantities supplied. B. pushing prices to market clearing levels more rapidly than private market forces. C. promoting the attainment of an unhindered market equilibrium. D. allowing quantity demanded to adjust to equality with aggregate supply.