The condition P = MC implies that an individual who values the product at P will receive
A. positive consumer surplus.
B. no consumer surplus.
C. only producer surplus.
D. negative consumer surplus.
Answer: B
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All of the following are considered to be unemployed EXCEPT
A) job leavers. B) discouraged workers. C) job reentrants. D) new job entrants.
All of the following result from price floors in agriculture EXCEPT
A) surpluses of agricultural products that have price floors. B) higher prices to consumers for agricultural products that have price floors. C) lower prices to consumers for agricultural products that have price floors. D) governmental bureaucracy.
Before 1860, most of the U.S. population lived _____ and most workers _____
a. in small to medium cities; were members of trade guilds b. in rural areas; were self-employed c. in large cities; were self-employed d. in large cities; were employed in mills and factories
Which of the following statements is true?
a. Interest rates charged to well-known corporations are higher than rates charged to individuals because corporations can afford it. b. If people expect higher rates of inflation, the market interest rate will decrease because fewer people will borrow. c. Interest rates in unstable countries are lower than rates in stable countries. d. The risk cost of doing business in a high-crime area is greater and the cost of borrowing is, therefore, greater there. e. The lower the tax rate, the greater the cost of borrowing.