One explanation for the increased participation of married women in the U.S. labor force is tha
rapid growth in the service sector has provided additional job opportunities for women
Rationality in the household decision-making process means that
households act in their own best interests
Raghib teaches mathematics at Camford University and receives $40,000 per year. His spouse, Noraini, works
as a self-employed computer programmer and charges $40 per hour. Which of the following is true?
Raghib's income is a salary, and Noraini's income is a proprietor's income
Which of the following is the category to which the largest portion of households' personal income is allocated?
purchases of services
Which of the following did not occur during the Industrial Revolution?
Workers bore much of the costs of production.
The most common form of business organization in the United States is the sole proprietorship. T or F?
All of the following are advantages of partnerships except one. Which is the exception?
their liability is limited by each partner's share of the business
You are more likely to hire your teenage child to cut your lawn than a landscaping firm
if the teenager has a lower opportunity cost of cutting the lawn than the landscaping firm
The location of production
shifted from cottages to factories during the Industrial Revolution, but now may be shifting
back to the hom
To serve the public interest, government sometimes promotes competition by breaking up natural monopolies. T or F?
When externalities are present, market prices do not reflect all the social costs or benefits of the activity. T or F?
Natural monopolies occur when
one firm can service the market more cheaply than two or more firms can
Which of the following best defines foreign exchange?
the currency of another country used for trading
Import restrictions usually benefit domestic producers at the expense of domestic consumers. T or F?
Restricting imports of Brazilian shoes will
raise the price of both Brazilian and domestically produced shoes
Trade restrictions result in all of the following except one. Which is the exception?
In the early 1990s, communities of computer programmers formed a grassroots movement known as
The more users involved in a user generated product, the less valuable that product is to each user. T or F?