Which of the following is a major area of study for economists?
a. How countries choose national leaders
b. The design of recycling water
c. The best way to design a nature reserve
d. How people make decisions
Answer: d. How people make decisions
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In two-part pricing with identical consumers, a firm at least
A) charges a lump-sum fee equal to the producer surplus. B) sets unit price equal to marginal cost. C) cannot maximize profit compared to single-price monopoly pricing. D) Both A and B.
Which of the following is NOT a restriction the government imposes to keep potential entrants out of a market?
A) patents B) tariffs C) assistance with opening new firms D) copyrights
To the degree that the Plumbers and Steamfitters union conducts costly training and apprentice requirements for prospective electricians, it is
A. shifting the supply of plumbers to the left. B. shifting the demand for plumbers to the left. C. shifting the supply of plumbers to the right. D. kinking the supply of plumbers to make it vertical at the level of the constraint.
Automatic stabilizers include
A) changes in induced taxes and changes in needs-tested spending. B) increases or decreases of tax rates and changes in needs-tested spending. C) changes in induced taxes and changes in discretionary spending. D) changes in discretionary spending and changes in needs-tested spending. E) changes in the federal funds interest rate brought about by Fed policy.