Which of the following examples, ceteris paribus, is most likely to cause a leftward shift in that nation’s long-run aggregate supply curve?
a. Canada reduces government regulations on businesses.
b. Mexico experiences 10 years of favorable weather conditions.
c. The United States lowers its retirement age by 10 years.
d. Norway increases access to on-the-job training programs.
c. The United States lowers its retirement age by 10 years.
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According to the Strong Coase Theorem, when will the assignment of property rights have no effect on the allocation of resources?
a. Always. b. When there are no transactions costs. c. When there are no transactions costs and changes in the distribution of income do not have significant effects on market demand curves. d. When liability is assigned to the party with the least-cost method of dealing with an externality problem.
Which of the following is true regarding labor legislation? a. The Taft-Hartley Act increased union power while the Wagner Act limited union power. b. The Wagner Act increased union power while the Taft-Hartley Act limited union power. c. Both the Wagner Act and the Taft-Hartley Act increased the power of unions
d. Both the Wagner Act and the Taft-Hartley Act limited the power of unions.
In what sense is it a cost that people must spend time and resources coping with inflation?
a. Because the loss of time and resources frustrates people unnecessarily b. Because the time and resources could have been used to produce something else instead c. Because the time and resources could have been wasted elsewhere d. Because the time and resources are a sunk cost e. Because the time and resources are insufficient to cope with the problem
In 2015, Richard buys a 2003 Chevrolet minivan from a neighbor. Will this be counted in the GDP for 2015?
A. Yes B. No C. Yes, if sales tax is paid D. No, because the purchase was from an individual not a dealer