At the present time, the largest percentage of the national incomes of the low-income DVCs is used for:
A. imports of the finished products of foreign industries.
B. food.
C. infrastructure.
D. industrial development.
B. food.
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If at its current production level, a perfectly competitive firm's marginal revenue and long-run marginal cost are equal to $1.50 and its long-run average cost is $1.50, which of the following statements is true?
A) The firm should expect the market price of its product to fall. B) The firm should expect to earn positive economic profit indefinitely. C) The firm should expect the market price of its product to increase. D) The firm is earning zero economic profit.
Answer the following statements true (T) or false (F)
1. Although the number of jobs requiring computer knowledge has increased, these jobs are found primarily in low-wage industries. 2. Union membership in the United States has fallen to less than 15 percent of the workforce. 3. Household wealth is defined as income minus liabilities. 4. Because their earnings are highest, married couples between the ages of 35–54 hold the largest share of wealth in the United States. 5. Non family households earn less than 50 percent of the income earned by family households.
Rent-seeking activity
a. is any revenue associated with long-term leases b. is any costly action a firm undertakes to acquire or maintain monopoly power c. is an attempt to inflate costs and reduce tax liabilities d. occurs when a monopoly leases out some of its assets e. is any rational action a consumer undertakes in seeking the lowest rent
The argument that the minimum wage law has significantly increased teenage unemployment is not supported by recent statistical analysis
a. True b. False Indicate whether the statement is true or false