For most of the 19th century in the American West, there was
A. an abundance of labor relative to land.
B. abundance of land relative to labor.
C. an abundance of both labor and land.
D. a scarcity of both labor and land.
B. abundance of land relative to labor.
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New technological advancements, such as robots are
a. harmful because they put people out of work. b. helpful because they improve worker productivity. c. harmful because robots are likely to have electrical problems which could cause injuries to people. d. both a and c above.
Macroeconomic equilibrium is always good, because:
a. It gives the nation a breather and allows it to catch up with itself economically. b. Because it is the only place where actual demand equals actual supply. c. Because it is the only place where planned demand equals planned supply. d. Actually, macroeconomic equilibrium can be either good or bad. It is not always good. e. All of the above.
In Figure 5.8, if the supply curve moves from S1 to S2,
A. the firm will go from making an economic profit to a normal profit. B. the firm will go from making an economic profit to a loss. C. the firm will go from making normal profits to a loss. D. the firm will make a smaller economic profit than they used to.
Consider an industry with two firms producing similar products. Each firm's total cost (in dollars) is given below.Mega Corp: TC = 5,000 + 100QBig Inc: TC = 4,000 + 200QFor both firms, average total cost:
A. increases as quantity increases. B. declines as quantity increases for Mega Corp and increases as quantity increases for Big Inc. C. declines as quantity increases. D. is constant for all quantities.