Which of the following companies was not broken up by the government?
A. Standard Oil
B. AT&T
C. American Tobacco
D. Office Depot
Answer: D
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Average labor productivity is computed as the
A) ratio of industrial production to the employment rate. B) ratio of real output in manufacturing to the level of real GDP. C) ratio of real GDP to the unemployment rate. D) ratio of real GDP to the level of employment.
Refer to Figure 9.4. In the short run, how much should the firm produce at the price P1?
A. 0
B. Q1
C. Q2
D. Q3
Why would a bumper crop be bad news for farmers?
A. Their crop has an inelastic demand and the resulting drop in price reduces their total revenue. B. Their crop has an elastic demand and the resulting drop in price reduces their total revenue. C. Their crop has an inelastic demand and the resulting drop in price raises their total revenue. D. Their crop has an elastic demand and the resulting drop in price raises their total revenue.
Suppose that good X is on the horizontal axis and all other goods (measured in dollars) are on the vertical axis in the consumer-choice diagram. If the consumer gains $10 in income, then
a. the new budget line is parallel to and lies 10 units to the left of the old budget line. b. the budget line shifts up by 10 dollars, with no change in the slope. c. the vertical intercept of the budget line shifts up by $10, but the horizontal intercept remains unchanged. d. the slope of the budget line increases by 10 percent.