In the labor negotiation game:
a. Neither party prefers bargaining hard
b. Neither party prefers accommodating the other
c. Both parties bargain hard in the Nash equilibrium
d. Neither party knows what the equilibrium will be.
d
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Are the owners of taxicabs in New York City earning large profits because the city severely restricts the number of licenses?
A) No, because the city also regulates fares. B) No, because the cost of owning a license absorbs the potential profit. C) Yes, because the number of licenses has not been increased for 50 years. D) Yes, because if they were not the number of taxicabs would decline and profits would rise. E) We cannot tell because profit arises from uncertainty.
Technological change ________ sustained increases in standards of living.
A. is necessary for B. is helpful, but not necessary, for C. is an obstacle to D. always leads directly
If the United States is to reduce poverty by using a negative income tax, the guaranteed income should be
a. two times the tax rate. b. close to the poverty line. c. close to the median income of all families. d. above the poverty line.
Which of the following are effects of an increased budget deficit?
a. the supply of loanable funds does not change; a higher interest rate reduces private saving b. the supply of loanable funds does not change; a higher interest rate raises private saving c. at any interest rate the supply of loanable funds is less; a higher interest rate reduces private saving d. at any interest rate the supply of loanable funds is less; a higher interest rate raises private saving