Which of the following is correct?
a. The labor-force participation rate of women has increased in part due to smaller families.
b. The labor-force participation rate of men has decreased in part due to men retiring younger and living longer.
c. Both a and b are correct.
d. Neither a nor b is correct.
Answer: c. Both a and b are correct.
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In the short run, perfectly competitive firms ________ but in the long run, perfectly competitive firms ________
A) can incur an economic loss; incur an economic loss B) can incur economic losses; make an economic profit C) must make an economic profit; make an economic profit D) can incur an economic loss; make zero economic profit
In 2010, which of the following was true regarding the extremely large deficits that the U.S. recently encountered?
a. Most politicians and economists argued that the deficit had to be reduced. b. Most politicians argued that the deficit had to be reduced but economists cautioned against this course of action. c. Most economists argued that the deficit had to be reduced but politicians cautioned against this course of action. d. Both politicians and economist cautioned against deficit reduction.
Which of the following is(are) true?
A. Accounting profits generally overstate economic profits. B. In the absence of any opportunity costs, accounting profits equal economic profits. C. Accounting costs generally understate economic costs. D. All of the statements associated with this question are correct.
A major factor contributing to the slow growth rate of less-developed economies is
A) the lack of well-defined and enforceable property rights. B) the lack of natural resources. C) the lack of workers. D) the high rate of illiteracy.