Over the past 100 years, real GDP per person in the United States has grown at an average of ________ percent a year
A) 1
B) 2
C) 3
D) 4
B
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If the personal assets of the owners cannot be claimed if the business is bankrupt, the owners are said to have
A) a partnership type of business. B) unlimited liability. C) a proprietorship type of business. D) limited liability.
A manufacturer of towels finds that his returns to scale are constant. Which of the following conclusions can be drawn?
a. The long-run total cost curve is horizontal. b. The long-run average cost curve is horizontal. c. The long-run total cost curve is downward sloping. d. The long-run average cost curve is downward sloping.
Refer to the accompanying figure.
Based on the figure, and starting from an initial short-run equilibrium where output equals 20,000, if autonomous consumption spending decreases by 1,000, then the new short-run equilibrium output (Y ) is equal to:
A. 14,000. B. 24,000. C. 22,000. D. 16,000.
A minimum wage law is a:
A. price ceiling. B. price floor. C. customary norm without legal structure or protection. D. quantity restriction.