Newspaper accounts of the U.S. labor market often point out that many people are working more hours than their parents did. What might explain this phenomenon?

Exhibit 7-15 Long-run average cost In Exhibit 7-15, economies of scale exist up to:

A. 500 units of output per week. B. 1,000 units of output per week. C. 1,500 units of output. D. 2,000 units of output.

For a simple economy (no government, no foreign sector), the condition for equilibrium can be stated correctly as

A. saving equals actual investment. B. saving equals inventory accumulation. C. saving equals planned investment. D. inventory accumulation equals planned investment.