People who focus on the "competitiveness" of the United States are
A) focusing on the right thing if the United States is to stay a leading economic power.
B) treating the United States as if it is a business firm.
C) also focusing on the importance of education.
D) correctly recognizing that trade is a zero-sum game.
Answer: B
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A perfectly competitive firm will shutdown when the price is just below the minimum point on the
A. marginal revenue curve. B. average variable cost curve. C. average fixed cost curve. D. marginal cost curve. E. average total cost curve.
In the long run, the greater burden of a specific tax will usually be absorbed by:
a. consumers. b. the party—consumers or producers—with the more elastic demand/supply curve. c. the party with the least elastic demand/supply curve. d. shareholders and employees of the firm in the form of reduced dividends and wages.
An individual who worked before and is now returning to the labor force is known as a ______.
a. job loser b. job leaver c. reentrant d. new entrant
An automatic stabilizer tends to increase GDP when it is rising.
a. true b. false