A factory is an example of:
a. capital.
b. scarcity.
c. an enterprise.
d. land resources.
e. output.
a
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Whenever marginal revenue exceeds marginal cost,
a. profit declines if output increases. b. profit increases if output increases. c. losses increase if output increases. d. marginal revenue must be rising.
Which of the following is NOT true of the foreign-exchange market?
A) It is an over-the-counter market. B) Most foreign-exchange trading takes place in London. C) The busiest trading time is morning east coast time, when markets in New York and London are both open. D) Trading volume worldwide exceeds $1 trillion per day.
With no change in fiscal policy, the budget
A. will run a surplus during a recession and a deficit during a boom. B. deficit will rise during a recession and fall during a boom. C. deficit will fall during a recession and rise during a boom. D. will remain unchanged by adverse economic conditions.
What percentage of the non-farm labor force in the United States belonged to a labor union in 2012?
a. less than 10 percent b. approximately 11 percent c. approximately 28 percent d. more than 40 percent