Robert Lucas reflects the view of many economists when he argues that the most effective way to reduce world poverty is to:
A. take money from those who are very wealthy and give to those who are very poor.
B. provide loans to developing countries.
C. increase long-run growth.
D. eliminate recessions.
Answer: C
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Pointy Stone State Park is the sole employer of naturalists in the area. The table above provides information about the supply of naturalists and the value of marginal product of labor for naturalists
On the last naturalist hired, Pointy Stone State Park will earn a profit of A) zero. B) $100 per week. C) $150 per week. D) $200 per week.
In a first-price auction:
a. the lowest bidder receives its actual bid as a payment for the job. b. the lowest bidder wins the bid and pays the amount bid by the first runner-up. c. the bidder bids less than its cost and incurs a loss. d. the lowest bidder wins the bid and has to pay the actual bid for the good.
The trend in current tariff laws is to
A. keep tariffs the same. B. raise tariffs on foreign goods. C. abolish tariffs all together. D. lower tariffs on foreign goods.