Which of the following industries is least likely to exhibit the characteristic of free entry?
a. selling running apparel
b. satellite radio
c. yoga studios
d. wheat farming
b
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Refer to Table 2-9. Which of the following statements is true?
A) Serena has a comparative advantage in making both products. B) Haley has a comparative advantage in making both products. C) Haley has a comparative advantage in making bracelets and Serena in making necklaces. D) Haley has a comparative advantage in making necklaces and Serena in making bracelets.
The unemployment rate will increase whenever there is a(n): a. increase in the number of unemployed persons. b. increase in the number of unemployed persons relative to the size of the labor force
c. increase in the size of the U.S. population but no change in the number of unemployed persons. d. increase in the size of the labor force. e. increase in the size of the U.S. population and a decrease in the number of unemployed persons.
The accompanying table describes the relationship between the number of workers hired by a call center each hour and the number of calls the call center can make each hour. The call center has only 1 telephone. The telephone costs the firm $5/hour (regardless of how many calls are made), and each worker is paid $10 per hour.Calls Per HourNumber of Telephones Per HourNumber of Workers Per Hour11221461616182211024112 Average variable cost is minimized when output is approximately:
A. 24 units. B. 16 units. C. 22 units. D. 6 units.
From a rational expectations perspective, an easy money policy is likely to be completely:
A. Ineffective unless the increase in the money supply is unanticipated B. Effective unless the increase in the money supply is unanticipated C. Ineffective unless the increase in the money supply is anticipated D. Effective unless the increase in the money supply is anticipated