An example of a monopolistically competitive industry is grocery stores.
Answer the following statement true (T) or false (F)
True
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A rightward shift in the intertemporal budget line would be caused by ________
A) an increase in future income and wealth B) an increase in future income and a decrease in wealth C) a decrease in future income and an increase in wealth D) a decrease in future income and wealth
Which of the following is true for a firm operating under perfect competition, monopolistic competition, and monopoly?
a. Firms earn positive economic profits in the long run. b. Firms earn zero economic profits in the long run. c. Profits are maximized when marginal cost equals marginal revenue. d. Price equals marginal cost.
Which of the following statements is true?
A. The inclusion of intermediate goods and services into GDP calculations would underestimate our nation's production level. B. The expenditures approach sums the compensation of employees, rents, profits, net interest, and nonincome expenses for depreciation and indirect business taxes. C. Real GDP has been adjusted for changes in the general level of prices due to inflation. D. Real GDP equals nominal GDP multiplied by the GDP deflator.
The peak of union representation in the workforce was
A. 50% in 1935. B. 40% in 1945. C. 15% in 1985. D. 30% in 1975.