A high income household usually consists of who?
a. a well-educated couple with both spouses employed
b. a well-educated couple with one spouse employed
c. a well-educated person with no children
d. a well-educated person with one child
a
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In regulating a natural monopoly, the price strategy that ensures the highest possible output and zero profit is one that sets price
A) corresponding to the demand curve where marginal revenue equals zero. B) equal to average variable cost where it intersects the demand curve. C) equal to average total cost where it intersects the demand curve. D) equal to marginal cost where it intersects the demand curve.
Refer to Scenario 14.4. Suppose that the price of the product rises to $5, the number of workers hired
A) will decrease. B) will increase. C) will not change. D) cannot be determined without knowing the wage rate.
The Bureau of Labor Statistics periodically updates the base year in the CPI because
a. nominal GDP changes over time b. of changes in the importance of goods in the consumer basket c. real GDP changes over time d. the GDP deflator is periodically updated e. prices change over time
The Trade Adjustment Assistance Act of 2002 focused mainly on assisting:
A. U.S. firms to establish export markets around the world B. Other nations to become familiar with, and adjust to, U.S. products C. Workers displaced by imports or plant relocations abroad D. Businesses who wish to globalize and compete in the world market