Which of the following is a macroeconomic concern?
A. wage levels in specific industries
B. the national output of the United States
C. the unemployment rate in a specific industry
D. the operation of an individual firm
Answer: B
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The table above shows the total product schedule for Rick's Lawn Service, a yard care company. The average product of labor ________ when the 7th worker is hired
A) reaches its maximum B) equals 1 lawn mowed C) equals 28 lawns mowed D) equals 4 lawns mowed E) equals 2 lawns mowed
Which of the following is NOT true about the equilibrium price?
A) the price where a change in quantity supplied occurs B) the price where the demand curve intersects the supply curve C) the price where quantity demanded equals quantity supplied D) the price where there is neither excess quantity demanded or excess quantity supplied
Scarcity:
a. is a problem only in the poorer countries of the world. b. can be solved by rapid advances in technology. c. is a problem that exists in every economy. d. is not a problem for the very rich.
In the long run, the economic profits of a monopolistically competitive firm
A. will be the average short-run profits earned in the last five years. B. will be the same as in the short run. C. equal zero. D. will tend to be larger than in the short run.