In a country with a mixed market economy, what actions may government prevent?
a. open competition among car manufacturers
b. the addition of dangerous narcotics in children's cough syrup
c. a reduction in fuel prices
d. the bankruptcy of a small business
Ans: b. the addition of dangerous narcotics in children's cough syrup
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The marginal expenditure curve for labor is based on the assumption that
A) the most productive workers are hired first. B) the wage rate is independent of the quantity of labor employed. C) the market supply curve for labor is infinitely elastic. D) all workers are paid the same wage rate. E) none of the above
The current Medicare system is designed so that it actually encourages
A) cost reductions. B) higher costs of medical services. C) higher costs only for surgeries. D) lower drug costs for recipients.
The ______ is a method of calculating GDP by adding how much market participants spend on final goods and services over a specific period of time.
a. investment approach b. value-added approach c. production approach d. expenditure approach
Which of the following is most likely to be sold in a perfectly competitive market?
A. Wheat B. Law School Admission Test (LSAT) tutoring C. Automobiles D. Fast food