Which of the following is most vital if the firms in an industry are going to earn economic profit in the long run?
a. an inelastic demand for the product produced by the firms
b. an elastic demand for the product produced by the firms
c. managerial efficiency
d. high barriers to entry into the industry
D
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Mike and Tom debone chicken breasts for Ted's Chicken Co. Mike is new and can only debone 30 chicken breasts per hour, while Tom's experience allows him to debone 60 chicken breasts per hour. Both Mike and Tom work 40 hours per week. Their average hourly productivity as a team is ________ chicken breasts.
A. 60 B. 30 C. 45 D. 90
Everything else held constant, an increase in net exports ________ aggregate ________
A) increases; demand B) decreases; demand C) decreases; supply D) increases; supply
Aggregate output is ________ related to autonomous consumer expenditure, and is ________ related to planned investment spending
A) negatively; negatively B) negatively; positively C) positively; negatively D) positively; positively
Which of the following provides an example of an externality? a. The air pollution generated when you drive your car
b. The view that passersby and neighbors enjoy when observing your rose garden. c. The free concerts neighbors hear when an accomplished musician practices at home. d. All of the above.