Political structure, or the process by which laws become enacted:
A. has no effect on policy created.
B. is virtually the same everywhere.
C. affects the outcome of policy.
D. has one feature that is present in every government structure in existence.
C. affects the outcome of policy.
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The length of time an unemployed person searches for a job is likely to increase as
A) the working age population gets older. B) new technologies make workers more productive. C) unemployment benefits become more generous. D) the birth rate declines. E) job rationing decreases.
Three difficulties that limit the usefulness of ownership in resolving incentive problems are:
A. wealth constraints, risk aversion, and free-riding. B. wealth constraints, risk aversion, and bundling. C. risk aversion, free-riding, and conflict of interests. D. wealth constraints, free-riding, and bundling.
Which of the following goods is likely to have the lowest elasticity of demand?
A. Automobile B. Furniture C. Diamonds D. Milk
The aggregate production function is Y = 5K0.5L0.5. If there are 49 units of capital and 16 units of labor, aggregate output is
A. 60 units B. 70 units. C. 140 units. D. 325 units.