China's recent economic performance is most similar to the experience of ________
A) the United States in the 1890s
B) Japan in the 1960s & 1970s
C) Cuba in the 1990s
D) the Soviet Union in the 1950s & 1960s
D
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When diminishing marginal returns set in, total product
a. is negative b. decreases at an increasing rate c. decreases at a decreasing rate d. increases at an increasing rate e. increases at a decreasing rate
Briefly describe the relationship between deadweight loss and consumer and producer surplus.
What will be an ideal response?
Answer the following statements true (T) or false (F)
1. When the government bails out failing banks, it creates a moral hazard problem; but when the government bails out homeowners who are defaulting, there is no moral hazard problem. 2. When critics of unemployment insurance claim that some of the unemployed are not exerting much effort to find jobs because of the unemployment benefits, they are referring to the moral hazard problem. 3. E-bay and Amazon provide "sellers' ratings" information based on the experiences of past buyers. This is to help resolve the adverse selection problem faced by potential buyers. 4. An example of an adverse selection problem is in insurance, where the people most likely to claim insurance payouts are the people who will seek to buy the most generous policies.
In the 1930s and 1940s, the Technicolor company was able to leverage its bargaining power over the movie industry because Technicolor was the sole producer of cameras and films needed to produce color films
Indicate whether the statement is true or false