By the start of the 21st century, the developed economies with the largest national debt relative to GDP were
a) US and Spain
b) Italy and Japan
c) France and Germany
d) Australia and New Zealand
e) Norway and Ireland
b) Italy and Japan
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People who are more productive in market work
a. produce less for themselves b. spend more time engaged in nonmarket work c. work fewer hours in market work and enjoy more leisure d. are more likely to acquire skills and education through nonmarket work e. are attracted to market employment at lower wages
Due to the distortionary effects of inflation, capital investment may be reduced due to higher price levels.
Answer the following statement true (T) or false (F)
When price does not cover average total cost at any rate of output, the firm should shut down in the short run.
Answer the following statement true (T) or false (F)
Suppose some firms exit a monopolistic competition industry. We would expect the demand curve of a firm already in the industry to:
A. become more elastic. B. remain the same since entering firms serve other customers in the market. C. shift to the right. D. shift to the left.