In the table above, the number of people officially unemployed is ________
A) 40 million
B) 6 million
C) 4 million
D) 2 million
D
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A perfectly competitive firm's output is currently such that its marginal revenue is $5 and marginal cost is $4. Assuming profit maximization, the firm should
A. cut price and increase output. B. raise price and decrease output. C. leave price unchanged and decrease output. D. leave price unchanged and increase output.
Why do firms tend to experience decreasing returns to scale at high levels of output?
A) Firms face more problems with coordinating tasks and communications among managers and workers at very high levels of output. B) Government tax policy tends to discourage large-scale production operations. C) Firms face fewer problems with inventory management and marketing as output reaches very high levels. D) Firms tend to use more capital and less labor at higher levels of output.
Which of the following government functions most clearly prevents rent-seeking behavior from leading to a socially inefficient Nash equilibrium?
a) provision of national defense b) operation of Social Security c) provision of public education d) issuance of patents e) establishing municipal rent control on urban apartments
If individual X has comparative advantage in painting and individual Y has comparative advantage in carpentry, then
A) individual X must use fewer hours to paint a fence than individual Y. B) individual Y will specialize in painting. C) there is a lower opportunity cost (expressed in units of carpentry) for individual X to paint than for individual Y to paint. D) specialization will not occur, since each does not have a clear absolute advantage.