At the beginning of the 20th century one farmer in the U.S. produced enough to feed ____________ people, and at the end of the century, one farmer produced enough to feed ____________ people
A) 20; 40
B) 7; 15
C) 12; 42
D) 8; 35
D
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A contestable market is similar to a perfectly competitive market in that there
A) are barriers to entry. B) are no barriers to entry. C) can be only one firm in the market. D) will be no entry if the existing firm earns an economic profit.
Using the table provided above, which of the following statements is TRUE?
A) Income inequality is decreasing. B) Incomes are increasing. C) Incomes are decreasing. D) Income inequality is increasing.
Which of the following is NOT conducive to the successful operation of a cartel?
A) Market demand for the good is relatively inelastic. B) The cartel supplies all of the world's output of the good. C) Cartel members have substantial cost advantages over non-member producers. D) The supply of non-cartel members is very price elastic.
The smaller the quantity and quality of complementary resources used in production,
a. the greater the demand for labor b. the greater the marginal resource cost of labor c. the lower the marginal resource cost of labor d. the lower the marginal productivity of labor e. the greater the marginal productivity of labor