When a firm in a monopolistically competitive market earns zero economic profit, its product price must equal marginal cost
a. True
b. False
Indicate whether the statement is true or false
False
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A marginally attached worker
i. does not have a job and has not looked for one in the last month. ii. is available and willing to work. iii. must work at least 1 hour per week. A) i only B) ii and iii C) iii only D) i and ii E) ii only
An irrigation system is installed on a farm in North Dakota. This is an example of which factor of production?
A) labor B) land C) human capital D) physical capital
Macroeconomic topics do not usually include: a. the rate of inflation
b. the rate of unemployment. c. economic growth. d. the profit maximizing decisions of an individual firm.
The largest U.S. economic expansion between 1890 and the present occurred during which of the following events?
a. The Railroad Prosperity b. World War II c. The Great Tuna Boom d. The OPEC Prosperity of 1974