Supporters of comparable worth claim that market correctly allocates the workers in their best paid works
a. True
b. False
Indicate whether the statement is true or false
False
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The Arrow impossibility theorem explains
A) why government regulation of private markets will always result in a reduction in economic efficiency in these markets. B) why voters are always rationally ignorant. C) why there is no system of voting that will consistently represent the underlying preferences of voters. D) why it is not possible to provide the economically efficient amount of any public good.
While corporations bear the statutory incidence of corporate income tax, the economic incidence is likely borne by:
A. shareholders. B. employees. C. customers. D. All of these likely bear some of the economic incidence.
People accused of a crime frequently claim their innocence. Even if guilty they will sometimes agree to take a lie detector test to see if they can be exonerated. While they may know that these tests do not carry much weight in court there is another reason why they are willing to take the test. Give another valid reason from this chapter explaining why a guilty person would agree to the test.
What will be an ideal response?
What two conditions must hold for a competitive market to produce efficient outcomes?
A. Demand curves must reflect all costs of production, and supply curves must reflect consumers' full willingness to pay. B. Supply curves must reflect all costs of production, and demand curves must reflect consumers' full willingness to pay. C. Firms must minimize production costs, and consumers must minimize total expenditures. D. Firms must maximize profits, and consumers must all pay prices equal to their maximum willingness to pay.