A person is unemployed if he works for a family business without pay
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following is an example of general knowledge, as opposed to specific knowledge that can be patented?
a. the invention of a longer-lasting battery b. a mathematical theorem c. a method for constructing a high-performance microchip d. the chemical formula for an adhesive
When a firm experiences continually declining average total costs,
a. the firm is a price taker. b. society is better served by having one firm supply the product. c. the firm will earn higher profits than if average total costs are increasing. d. All of the above are correct.
If the exchange rate is .70 euro per dollar, the price of an MP3 player in Paris is 150 euros and the price of an MP3 player in the U.S. is $150, then what is the real exchange rate?
a. 1/.70 French MP3 players per U.S. MP3 player b. 1 French MP3 players per U.S. MP3 player c. .70 French MP3 players per U.S. MP3 player. d. None of the above are correct.
The more the current price exceeds the equilibrium price, the:
A. smaller the resulting shortage will be. B. smaller the resulting surplus will be. C. greater the resulting surplus will be. D. greater the resulting shortage will be.