Which of the following statements is correct?
A. Both perfectly competitive and monopolistic firms are price makers.
B. Both perfectly competitive and monopolistic firms are price takers.
C. A perfectly competitive firm is a price taker, while a pure monopoly is a price maker.
D. A perfectly competitive firm is a price maker, while a pure monopoly is a price taker.
Answer: C
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According to this Application, by using a value-added approach to measure Wal-Mart's sales impact on the economy, we are
A) including GDP as a measure of welfare. B) using a chain-weighted index. C) avoiding double-counting. D) excluding the net foreign sector.
Moving downward along a linear (straight-line) downward sloping demand curve, the
A) slope is constant. B) price is constant. C) quantity is constant. D) elasticity is constant. E) None of the above answers is correct.
Human capital is the
A) machinery used by humans to produce GDP. B) technology used by humans to produce GDP. C) skill and knowledge accumulated by humans. D) plant and equipment produced by humans and not by machines.
The National Labor Relations Act of 1935 and the Fair Labor Standards Act of 1938 forced employers to
(a) negotiate with unionized labor. (b) keep hours at a minimum. (c) pay maximum wages. (d) do all of the above.