An announcement that smoking will harm your ability to think clearly will most likely result in:
A) an increase in the quantity of cigarettes demanded.
B) a decrease in the demand for cigarettes.
C) no change in smoking habits.
D) an increase in the equilibrium price of cigarettes.
Ans: B) a decrease in the demand for cigarettes.
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The Taft-Hartley Act of 1947 outlawed
A) strikes. B) make-work rules and forcing unwilling workers to join a union. C) right-to-work states. D) none of the above.
The marginal factor cost for a monopsonist is:
a. equal to the market wage rate. b. above the market wage rate. c. below the market wage rate. d. affected by the fact that workers are less willing to work than under conditions of perfect competition. e. lower than the marginal revenue product of labor in equilibrium.
Unemployment or underemployment of labor might explain why an economy would be operating inside its production possibilities curve (PPC)
a. True b. False Indicate whether the statement is true or false
If the government created a surplus of an agricultural product due to price supports, how might they dispose of this surplus?
A. have the farmer destroy the crop B. purchase it and store it away C. give it away to a foreign country D. Any of these answers might be a successful tool in disposing of agricultural surpluses.