Price controls often generate
A) more efficient markets.
B) black markets.
C) rapid adjustment to market-clearing prices.
D) greater price flexibility.
B
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A bilateral monopoly is a
A) firm that is a monopsony in a resource market and a monopoly in a product market. B) firm that is a monopoly in two product markets. C) market in which a monopoly discriminates, setting a higher price for affluent customers. D) market in which a monopsony bargains with a monopoly.
The normal level of unemployment that persists in an economy in the long run is:
A. called the natural rate of unemployment. B. also called the equilibrium rate of underemployment. C. zero when the market is equilibrium. D. always achieved in the real world.
The U.S. income tax is currently a __________ tax
A) progressive B) proportional C) regressive D) proactive
When we consider solving a free rider problem through changing social norms, it is helpful to remember:
A. conflict with those in your community can be considered a cost. B. all costs aren't financial. C. social disapproval can be considered a cost. D. All of these statements are true.