Which of the following is NOT exempt from antitrust laws?
A. labor unions
B. airlines
C. professional baseball
D. public transit systems
Answer: B
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In the past two decades the United States lost its comparative advantage in automobiles to Japan. What factor was most responsible for the development of Japan's comparative advantage in automobiles?
A) Japan has abundant supplies of natural resources needed to produce automobiles. B) Japanese firms benefited from external economies. C) Japanese firms excelled in process technology. D) Japan has abundant supplies of labor.
Which of the following statements correctly describes the curves in the figure?
A) Curve A could represent either the average product curve or the marginal product curve. Curve B represents the total product curve. B) Curve B could represent either the average product curve or the marginal product curve. Curve A represents the total product curve. C) The marginal product of labor curve is represented by curve B and the average product of labor curve is represented by curve A. D) The marginal product of labor curve is represented by curve A and the average product of labor curve is represented by curve B.
A government budget surplus is
A) a situation in which the supply of goods in the economy is greater than the demand for goods. B) a situation in which the amount spent by the government is greater than the amount collected in taxes. C) the public debt. D) an excess of revenues over government spending.
Which of the following is true of the unit of account function of money? a. It makes money durable in nature
b. It makes the relative values of goods and services more easily known. c. It implies that money should be made of something valuable. d. It implies that money can be used to save up purchasing power. e. It implies that money is more easily counted than goods.