From 1979 to 2011, which country had the lowest growth rate of GDP per hour of work?
A. Singapore
B. United States
C. France
D. Japan
Answer: B
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As the real wage decreases, the quantity of labor demanded ________ and the quantity of labor supplied ________.
A. increases; increases B. decreases; decreases C. decreases; increases D. increases; decreases
Which of the following is an example of an investment, as described in Chapter 12 of your textbook?
A) The government builds a dam to have a source of hydroelectric power. B) A student attends college. C) A firm builds a new plant. D) all of the above
In the above figure, if the price is P1 and the firm produces Q2, it is
A) making an economic profit. B) incurring an economic loss. C) breaking even. D) More information is needed to determine if the firm is earning a positive economic profit, zero economic profit, or is incurring an economic loss.
Which of the following is not an example of an oligopolistic barrier to entry?
a. diseconomies of scale b. legal restrictions c. advertising and brand proliferation d. high start-up costs e. control over an essential resource