Related to the Economics in Practice on p. 447: In the U.S. from 1955 to 1996, the labor force participation rate increased for ________ and decreased for ________.
A. men; women
B. white men; African American men
C. women; men
D. African American women; white women
Answer: C
Economics
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The short-run supply curve of the perfectly competitive industry is found by summing the
a. AC curves of the individual firms in the industry. b. AVC curves of the individual firms in the industry. c. MC curves above AVC of the individual firms in the industry. d. There is no short-run supply curve in a competitive industry.
Economics
The real test of a good model is
A. its degree of mathematical rigor. B. the degree to which its assumptions conform to the "real world." C. its usefulness in predicting outcomes. D. how detailed it is.
Economics