Government intervention may be appropriate to correct market outcomes because of
A. Externalities.
B. Production possibilities.
C. Private goods.
D. None of the choices are correct.
Answer: A
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Suppose a new technology is developed that increases the productivity of labor. You would expect
A. the wage rate to fall, since employers will want less labor. B. the demand for labor to fall. C. the demand for labor to rise. D. an increase in unemployment as firms replace labor with technology.
Oligopoly is about the ____________ and monopolistic competition is about the ______________.
A. number of firms; variety of products B. variety of products; barriers to entry C. barriers to entry; number of firms D. variety of products; number of firms
Which of the following can result in occupational crowding?
a. Illegal immigration b. Outsourcing of services c. Consumer prejudices, superstitions, and religious taboos d. Governmental policies and customs e. Statistical discrimination and imperfect information
Housing prices peaked in:
a. 1997. b. 2000. c. 2003. d. 2006.