When a farmer decides to raise hogs instead of cattle, the farmer is answering the ________ part of one of the two big economic questions
A) "what"
B) "for whom"
C) "how"
D) "why"
A
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Since 1960, Canadian labor force participation rate has ________ and the unemployment rate has ________.
A) trended higher; trended lower B) trended lower; varied over the business cycle C) trended higher; varied over the business cycle D) trended higher; trended higher E) varied over the business cycle; trended higher
In the long run, a higher saving rate
a. cannot increase the capital stock. b. means that people must consume less in the future. c. increases the level of productivity. d. None of the above is correct.
In repeated games:
A. cooperation never happens. B. players always cooperate and enjoy a mutually beneficial equilibrium. C. a noncooperative outcome is more likely than in a single-round game. D. a cooperative outcome is more likely than in a single-round game.
If a monopoly wishes to sell more output, it must:
A. lower the price. B. find a more cost effective way to produce its goods. C. be in the economies of scale range of its ATC. D. eliminate its existing competition.