When I was seventeen I had gotten my first job at Firehouse subs, and I remember my
mom wouldnt allow me to work any earlier than that. If I were to start working before the age of
sixteen I would have had to get a workers permit due to the laws that proh
1. The New Economy is one of
2. In 2007, households in the lowest quintile of the income distribution received
A) 3.4 percent of aggregate income
3. In 2007, the highest quintile of the income distribution earned approximately
D) 50 percent
B) usually increases whenever real GDP decreases
2. If workers are changing jobs voluntarily and it takes a while for them to find new jobs, they are an example of
B) frictional unemployment
3. The total U.S. labor force excludes those
1. In conditions of monopolistic competition,
C) there are many firms
2. In a market of monopolistic competition, there will be
B) product differentiation
3. Which of the following is not a condition of monopolistic competition?
D) each firm charges the s
1. A market structure in which only one seller of a product exists is known as
A) a monopoly
2. A firm that is a price maker can
A) limit output and raise prices
3. The demand curve for a monopolists product is also the monopolists
C) average revenue curv
1. Which of the following is not assumed in perfect competition?
D) all firms are equally efficient in the short run
2. Perfect competition does not assume that
D) all firms operate at the same cost
3. In perfect competition, no individual producer can in
1. A production function is
B) the relationship between a combination of inputs and a quantity of output
2. The marginal product refers to the impact of which unit of a productive resource?
3. The addition to total output resulting from using one
1. For demand to exist, there must be
A) a desire and an ability to buy
2. The demand for a product at a given time is defined as the
D) amount that would be bought at various prices
3. The law of demand illustrates that as
D) price decreases, quantity de
1. Every society faces some basic economic choices such as
D) all of these
2. An economic system is said to be a
C) market economy if it relies on self-interested behavior and incentives
3. In a market economy, decisions about what to produce are made pri
1. In economics, scarcity means that
A) there are not enough resources for everything that people want
2. Which of the following is true of scarcity?
D) it is a basic problem of economics that affects all nations
3. People must make choices because
1. Generally, in economics we study how people
B) make choices when resources are scarce
2. Economics can be classified best as a(n)
C) social science
3. Which of the following areas of study is included in the field of macroeconomics?
D) general price le
What variables influence demand and supply?
The interactions between buyers and sellers
How are prices and quantities determined?
Demand schedule, where the equilibrium is found when the price that
makes quantity demanded equal to quantity supplied.