Monopoly power in a market causes:
A. monopolists to profit.
B. governments to never allow them.
C. market surplus to be constant
D. consumers to gain.
Answer: A
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Refer to the figure above. A one unit increase in labor supply will lead to ________ in output in Country X than in Country Y
A) a smaller increase B) a smaller decrease C) a larger decrease D) a larger increase
The marginal physical product (MPP) is calculated by
A) dividing total physical product by labor. B) dividing the change in total physical product by the change in the input. C) dividing the change in total cost by the change in labor. D) the difference between the output of skilled and unskilled workers.
The No Child Left Behind Act of 2001 was a federal mandate which is estimated to cost the states and local governments in excess of _________ a year.
What will be an ideal response?
The main difference between stabilization policies and structural reform policies is that stabilization policies
A) focus on microeconomic issues and structural reform policies focus on the macroeconomic environment. B) focus on macroeconomic issues and structural reform policies focus on the microeconomic environment. C) are rarely used by reform governments; they prefer to use structural reform policies in their place. D) create less unemployment than structural reform policies.