Refer to Figure 19.2. The total utility of two apples is
A. 6 utils.
B. 2 utils.
C. 5 utils.
D. 11 utils.
Answer: D
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All of the following describe trends in the labor markets of the industrialized world EXCEPT:
A. growing wage inequality. B. substantial growth in real wages over the twentieth centaury C. low rates of unemployment in Western Europe. D. a slowdown in real wage growth since the 1970s.
Economic terms like “cost of living” and “price level” are important to ordinary individuals.
Answer the following statement true (T) or false (F)
Which of the following market structures does not have predictable price and output decisions at which the firms will arrive rationally?
A. Perfect competition B. Oligopoly C. Monopolistic competition D. Monopoly
Related to the Economics in Practice on p. 626: According to a study cited in the Economics in Practice, if a country is relatively far from the technological frontier of the rest of the world, what would be its best strategy?
A. The government needs to keep helping its firms find the world frontier until the firms reach the frontier. B. The government should begin by offering incentives and encourage some risk taking. C. The government needs to help its firms find the world frontier, and then as firms approach the frontier, the government should offer incentives and encourage some risk taking. D. The government should adopt a hands-off approach and let the private sector bring the country to the world frontier.