Which of the following statements about a perfectly competitive market is incorrect?
A. There are many sellers, each supplying a small quantity.
B. There are many buyers, each purchasing a small quantity.
C. The market sell homogeneous products.
D. Buyers and sellers cannot enter exit the market freely.
Answer: D
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Explain the concept of Ricardian equivalence
What will be an ideal response?
Consider an economy with an adult population of 100, 50 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. The labor force participation rate is _____
a. 100 percent b. 60 percent c. 50 percent d. 40 percent e. 10 percent
Which of the following is an example of capital?
a. Education b. Natural resources c. Machinery d. Training e. Money
Refer to Figure 1.7. Which of the following points show unemployment of resources above the normal rate?
A. N. B. J. C. D. D. H.