A modern example of the tragedy of the commons is the forests in many poor countries
Indicate whether the statement is true or false
TRUE
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Which firm is not dealing with adverse selection
a. a manufacturer requires a 90 day probationary period for new employees b. a temporary clerical agency requires a typing test c. a manufacturer requires suppliers to be ISO 9000 certified d. Smokers get the same life insurance rates as non-smokers
Is it possible for sellers to benefit more than consumers from a subsidy to buyers?
A. Yes, if the sellers need it more. B. Yes, if the supply curve is relatively less elastic than the demand curve. C. Yes, if the supply curve is relatively more elastic than the demand curve. D. Producers can never benefit more than buyers from a subsidy to buyers.
Consider the labor market for computer programmers. During the late 1990s, the value of the marginal product of all computer programmers increased dramatically. Holding all else equal, the equilibrium wage in the labor market for computer programmers
a. increased. b. decreased. c. did not change. d. It is not possible to determine the equilibrium wage.
The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.