Economists sometimes call zero economic profit a ______ rate of return.
a. natural
b. negative
c. normal
d. neutral
c. normal
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A newly industrialized country is a. the same as a high-income country. b. any country that has experienced sustained growth in industry. c. a special classification given to some upper-middle income countries that have achieved relatively advanced manufacturing sectors
d. any country that has moved out of lower income status.
Which of the following is a reason why a particular job may pay a higher-than-average wage rate?
a. low educational requirements b. high fringe benefits c. free parking d. high risk e. low skill requirement
One of the duties of the Fed is to:
A. offer financial advising to the public. B. change the demand for money. C. set the market interest rate. D. offer financial advising to the government.
Figure 10.1 depicts a firm's marginal revenue product curve. Why does the marginal revenue product of labor decrease faster as the firm increases its use of labor by 10 hours?
A. Because the marginal product of labor decreases at an increasing rate. B. Because the marginal product of labor decreases at a decreasing rate. C. Because the marginal product of labor increases at an increasing rate. D. Because the marginal product of labor increases at a decreasing rate.