Many auction sites, such as eBay, provide a reputation score by which previous customers can rate a seller. Which of the following characteristics of a competitive market is this policy trying to emulate?
A) There is freedom of entry and exit.
B) There are very low transaction costs.
C) There are only one or two sellers.
D) Buyers have more complete information.
D
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How does the federal government influence the flow of goods and services into the country and, consequently, create extra profitability or rents in domestic production that would not have been there under free market conditions?
(a) tariffs (b) minimum wage laws (c) control of the public domain (d) federal income taxes
When the demand for grapes decreases and the supply of grapes increases at the same time, we can predict that the: a. price of grapes will fall
b. price of grapes will rise. c. quantity of grapes exchanged will fall. d. quantity of grapes exchanged will rise.
The tradeoffs and connections between the goals of macroeconomics may be ___________ in the short run and the long run.
a. similar b. different c. identical d. problematic
Each of the following is a provision of the 1996 welfare reform law except that
A. the federal guarantee of cash assistance for poor children is ended. B. the head of every welfare family would have to work within 2 years or the family would lose benefits. C. after receiving welfare for two months adults must find jobs or perform community service. D. women who have more children while on welfare will have their benefits reduced.