In 1980, 26 million people in the U.S. were over the age of 65. What is the amount currently?
A. 34 million
B. 35 million
C. 36 million
D. 37 million
D. 37 million
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Returns to specialization can occur when
A) increasing the amount of labor allows workers to specialize. B) the exponents of the Cobb-Douglas production function are greater than 1. C) a firm doubles its inputs. D) the average cost curve is above the marginal costs curve.
In perfect competition, each firm's output is a large fraction of total market supply
a. True b. False
Absolute advantage occurs when one nation can produce a good ____ its trading partners
a. in larger quantities than b. faster than c. that is desired by d. more efficiently than e. only consumed by
Unequal incomes can arise from: a. discrimination
b. worker preferences. c. differences in educational backgrounds. d. all of the above.