Individual firms in perfectly competitive industries are price takers because
A) the government sets all prices.
B) buyers set prices.
C) firms decide together on the best price to charge.
D) each individual firm is too small to affect the market price.
D
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Economic growth is measured by
A) increases in the population. B) increases in GDP. C) increases in per capita real GDP. D) increases in the value of the total output of society.
In the figure above, Gap maximizes its profit if it sells ________ jackets per day
A) 100 B) 64 C) 129 D) 133
Which of the following groups benefited from the Civil War (1861–1865)?
(a) Wage earners who suffered declining real earnings as wages lagged behind the inflation (b) Those groups issuing bonds during the war (c) Those farmers whose crops and farm animals were destroyed (d) Slave owners who parted with their property without compensation
A cash-payment welfare program, where eligibility is no longer an entitlement but emphasizes welfare-to-work is
a. food stamps b. Medicare c. Social Security d. TANF e. SSI