According to the textbook, what was Adam and Eve's economy like?
a. primitive, because technology in the Garden of Eden was non-existent
b. wasteful, because Adam and Eve did not know how to use the abundant resources available
c. underemployed, because there were only two workers
d. there was no economy because there was no reason to economize
e. the same as ours because the law of scarcity is universal
D
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If a significant number of part-time workers successfully find full-time employment, then
A) the unemployment rate will fall. B) the labor force participation rate will increase.. C) the unemployment rate will remain unchanged. D) the unemployment rate will rise. E) Both answers A and B are correct.
To join the EMU, a country should have no more than
A) 1.5 percent inflation rate above the average of the three EU member states with the highest inflation. B) 3 percent inflation rate above the average of the three EU member states with the lowest inflation. C) 4 percent inflation rate above the average of the three EU member states with the lowest inflation. D) 1.5 percent inflation rate above the average of the three EU member states with the lowest inflation. E) 2 percent inflation rate above the average of the three EU member states with the lowest inflation.
A firm sells 1000 units per week. It charges $70 per unit, the average variable costs are $25, and the average costs are $65 . In the long run, the firm should
a. Shut down since price is greater than average cost b. Continue operating price is higher than average cost, its making a profit c. Continue operating as the firm is covering all the variable costs and some of the fixed costs d. Shut-down because it is cost effective to pay off the remaining fixed costs
As the number of firms in an oligopoly industry increases, the market moves closer to a __________ market
Fill in the blank(s) with correct word