In which of the decades below was the inflation-adjusted deficit largest?
A. The 1970s
B. The 1980s
C. The 1960s
D. The 1950s
Answer: B
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Which of the following is most vital if the firms in an industry are going to earn economic profit in the long run?
a. an inelastic demand for the product produced by the firms b. an elastic demand for the product produced by the firms c. managerial efficiency d. high barriers to entry into the industry
Who of the following are included in the Bureau of Labor Statistics' "employed" category?
a. certain unpaid workers b. part-time workers c. workers on vacation d. All of the above are correct.
As a result of a decrease in the price of gasoline, consumers can afford to buy more gasoline for more driving trips. This is an illustration of
A. consumer sovereignty. B. the substitution effect. C. diminishing marginal utility. D. the income effect.
Refer to the graph shown, which depicts a perfectly competitive firm. If the price of the product is $3:
A. the firm may continue to operate in the short run but will exit the industry in the long run. B. the industry will be in long-run equilibrium. C. new firms will enter the industry. D. the firm will just cover its opportunity cost of production.