Which of the following is a reason why government is a participant in a market-oriented economy?
a. to enforce contracts and protect private property
b. to promote collusion
c. to promote the growth of natural monopolies
d. to provide more inequality in the distribution of income
e. all of the above
A
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Which of the following would be most likely to receive high economic rent payments?
A) farmer B) professional baseball player C) factory worker D) doctor
Interbank trading is:
a. a monopoly business in the United States. b. controlled by just 10 banks. c. a state-mandated business. d. a highly competitive market, with hundreds of banks offering services.
In calculating the unemployment rate, part-time workers are:
a. Treated the same as "discouraged" workers who are not actively seeking employment b. Counted as unemployed because they are not working full-time c. Counted as employed because they are receiving payment for work d. Used to determine the size of the labor force, but not the unemployment rate
Assume that the quantity of apples is measured on the horizontal axis and the quantity of oranges is measured on the vertical axis. If the budget line rotates upward while keeping the same horizontal intercept, it implies that
A. the price of oranges has increased. B. the price of apples has decreased. C. the price of oranges has decreased. D. the available income has increased.