According to the Bureau of Labor Statistics, if you voluntarily leave your job to search for another job, then you
A. are eligible for unemployment compensation.
B. are classified as a job loser.
C. are classified as unemployed.
D. may not re-enter the labor force for six months.
Answer: C
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Suppose a good has an external benefit and no external cost. When a competitive, unregulated market is at its equilibrium, then the
A) marginal private benefit is less than the marginal social benefit. B) marginal private benefit is greater than the marginal social benefit. C) marginal private cost is less than the marginal social cost. D) marginal private cost is greater than the marginal social cost.
According to the classical theory of international trade
A) only countries with low wages will export. B) only countries with high wages will import. C) countries with high wages will have higher relative prices of all goods. D) All the above are false.
The assumption that preferences are complete:
A) means that a consumer will spend her entire income. B) is unnecessary, as long as transitivity is assumed. C) recognizes that there may be pairs of market baskets that cannot be compared. D) means that the consumer can compare any two market baskets of goods and determine that either one is preferred to the other or that she is indifferent between them.
Why isn't the level of personal income always a good measure of the distribution of goods and services?
What will be an ideal response?