The bottom 80 percent of families in Alpha receive approximately what percentage of total income? (See Figure 33.1.)
A. 60 percent.
B. 80 percent.
C. 50 percent.
D. 40 percent.
Answer: C
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Using the data in the above table, if the price of an hour of labor is $20 and the price of a unit of capital is $10, then the most economically efficient technique for producing 100 sweaters is
A) A. B) B. C) C. D) D.
The South African diamond production monopoly is an example of monopoly through
A. “patent power.” B. legal restriction. C. control of scarce resources. D. large sunk costs.
Investing in things with unrelated risk is:
A. the key to diversification. B. increasing the likelihood that a catastrophe will occur. C. irrational. D. None of these statements is true.
The brand name of a firm
A. relates to consumers' perception of product differentiation and to the market value of a firm. B. has been considered irrelevant by economists since profits for a monopolistic competitive firm are zero in the long-run. C. is important in the short-run but not in the long-run. D. has nothing to do with the profitability of a firm.