If the graph shown is displaying a competitive market and the market is currently offering a wage less than P*:
A. there would be a shortage of workers who want to work at that wage.
B. there would not be unemployment in the market.
C. firms would have a hard time finding employees.
D. All of these statements are true.
D. All of these statements are true.
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Net exports of goods and services equal the
A) exports of goods and services divided by the imports of goods and services. B) exports of goods and services plus the imports of goods and services. C) exports of goods and services minus the imports of goods and services. D) imports of goods and services minus the exports of goods and services.
Which of the following goods is most likely to have a negative income elasticity of demand?
a. Automobiles b. Bargain brand noodles c. Shoes d. Fine Jewelry
If those who consumed common resources were subject to a tax that was equal to the external costs that they imposed due to the negative externality created, their demand curve would shift:
A. up and they would consume more. B. down and they would consume less. C. down and they would consume more. D. up and they would consume less.
Two CEOs from different firms in the same market collude to fix the price in the market. This action violates the
a. Clayton Act of 1914. b. Sherman Antitrust Act of 1890. c. Crandall-Putnam ruling of 1983. d. Jackson-Microsoft ruling of 2000.