The steel and automobile industries would be examples of which market model?
A. Oligopoly
B. Pure competition
C. Pure monopoly
D. Monopolistic competition
Answer: A
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The structural surplus is
A) the difference between the actual surplus and the natural employment surplus and it increases whenever income rises. B) identical to the natural employment surplus and it increases whenever tax rates are cut. C) identical to the natural employment surplus and it decreases whenever the natural level of output increases. D) identical to the natural employment surplus and it increases whenever the natural level of output increases.
Let the production function be q = ALaKb. The function exhibits increasing returns to scale if
A) a + b = 1. B) a + b > 1. C) a + b < 1. D) Cannot be determined with the information given.
Inclusive property rights give an individual less options and lower incentives to avoid inefficient choices
Indicate whether the statement is true or false
Under the current structure of Medicare, the movement of the baby boom generation into the retirement phase of life will
a. increase the demand for medical services and the share of those services financed by third parties. b. push both healthcare prices and expenditures upward. c. cause Medicare expenditures to increase and necessitate the need for higher taxes to finance the program. d. do all of the above.