Based on the figure above, when the market is unregulated and is in equilibrium, the deadweight loss is
A) $86.25 million per year.
B) $56.25 million per year.
C) $48.75 million per year.
D) $37.50 million per year.
E) zero.
A
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How do your authors explain the vast differences between the growth rates of the United States and India?
A) The tremendous degree of central planning in the United States B) Exploitation of the poorer nation by the richer nation C) The problems of central planning in India D) The lack of central planning in India E) The strength of the union movement in the United States
Suppose Dean has season tickets for the University of North Carolina men's basketball games. He paid $2,000 for the season tickets. One February afternoon, Dean is very excited about going to the UNC vs. Duke game because of the traditional rivalry between the two teams. Unfortunately, his wife invited several friends over for an evening dinner party and tells Dean he needs to stay home and help her clean the house in preparation for the guests. Dean very much wants to go to the game, but knows he will have to face the wrath of his wife if he does. In his defense, Dean states "I already paid for the game! I have to go or it will be a waste of money." Explain why Dean's reasoning is incorrect.
What will be an ideal response?
Unemployment that results from fundamental technological changes in production, or from the substitution of new goods for customary ones, is:
a. the natural rate of unemployment. b. full employment. c. cyclical unemployment. d. frictional unemployment. e. structural unemployment.
Two of the biggest changes in income distribution in the United States since 1980 are ______.
a. a drop in the lowest quintile and a rise in the highest quintile b. a drop in the highest quintile and a rise in the lowest quintile c. a drop in the lowest and highest quintiles d. a rise in the lowest and highest quintiles