Refer to Exhibit 6-2. The unemployment rate in year 2 is
a. 75 percent.
b. 33 1/3 percent.
c. 50 percent.
d. 66 2/3 percent.
e. 25 percent.
Answer: e. 25 percent.
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When an average cost pricing rule is imposed on a natural monopoly, ________
A) total surplus is maximized and the monopoly incurs an economic loss B) the monopoly makes zero economic profit C) the monopoly makes an economic profit D) total surplus is maximized and the monopoly makes an economic profit
When a business is set up as a sole proprietorship, the owner of the business faces limited liability
Indicate whether the statement is true or false
For a person earning $15,000, the marginal tax amount from 10,001 to $15,000 is:
A. $500
B. $750
C. $1,750
D. $2,000
Select the phrase that correctly completes the following statement. "A decrease in the number of manufacturers caused a decrease in the supply of sailboats. As a result
A) the price of sailboats increased and the demand for sailboats decreased." B) the equilibrium quantity of sailboats increased." C) the price of sailboats increased and the quantity of sailboats demanded decreased." D) the price of sailboats increased. The higher price caused the supply of sailboats to increase."