Labor economics concerns
A. the study of how households decide where to live.
B. the study of income inequality.
C. the study of education decisions.
D. how labor markets work.
E. All of these are labor economics concerns.
Answer: E
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A country cannot achieve economic growth with a limited base of natural resources.
Indicate whether the statement is true or false.
When the government grants an inventor a patent
A) he has the exclusive right to make, sell or use his invention for 5 years. B) the protection of a current invention would increase spending on R&D. C) the patent holder has less incentive to invest in R&D because one successful invention removes the need to develop others. D) the patent holder is guaranteed a profit on his invention.
Making the buying and selling of a good illegal shifts the demand curve ________ and shifts the supply curve ________
A) rightward; rightward B) rightward; leftward C) leftward; rightward D) leftward; leftward
Generally, negative externalities result in
A. too much of a good being produced. B. the socially optimal output of a good being produced. C. too little of a good being produced. D. either a or c E. any of the above