Of the top-10 U.S. multinationals, the majority are in which of the following two industries?
a. oil and automobiles
b. banking and energy
c. services and fast food
d. clothing and entertainment
e. computers and soft drinks
A
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In recent years, the number of farms has fallen while the average farm size has increased. What concept may explain this phenomenon?
a. diminishing marginal returns b. declining productivity c. diseconomies of scale d. economies of scale e. good weather in midwestern states
Given the supply curve of butter, a reduction in the price of margarine will tend to:
a. Increase the demand for margarine b. Increase the demand for butter c. Lower the price of butter d. Raise the price of butter
The participation rate is the number of people:
A. employed and unemployed divided by the population aged 16 years and older. B. employed divided by the population aged 16 years and older. C. employed and unemployed divided by the labor force. D. employed divided by the labor force.
Single-owner proprietorships often unintentionally exaggerate their profits because they
A) forget their explicit losses. B) look at after-tax instead of pre-tax costs. C) pay their bills late and therefore incur large interest charges. D) neglect to consider the opportunity cost of the owner's labor.