If the labor force grows at a faster rate than the number employed, the unemployment rate will fall.
Indicate whether the statement is true or false.
Answer: False.
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Refer to the figure above. When the demand curve for gas is D2 and the supply curve of gas is S, the equilibrium quantity is:
A) 50 gallons. B) 70 gallons. C) 20 gallons. D) 40 gallons.
Refer to Figure 7.1. Suppose that instead of $350, Angus earns only $250 by playing the bagpipes, but all other earnings remain the same. If there is no ordinance against loud music, property rights belong to
A) Angus. B) Dudley. C) no one. D) both Angus and Dudley.
Overbidding in a second-price sealed-bid auction is likely to result in a ________
A) negative consumer surplus B) positive consumer surplus C) zero producer surplus D) negative producer surplus
Which of the following statements about monopoly is most accurate?
a. The monopolist has no incentive to produce efficiently. b. Regardless of what is produced, the monopolist will use too many resources. c. A monopolist has no incentive to keep costs down. d. The monopolist "understocks" the market and charges too high a price.