In this graph showing welfare effects of a price floor when the government buys the surplus, after a price floor is set, ______.
a. producer surplus increases
b. consumer surplus increases
c. prices drop
d. output rises
a. producer surplus increases
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Which of the following is a defining characteristic of oligopoly?
A) barriers to entry B) selling a homogeneous good C) selling a differentiated good D) collusion
Inoculations of children against infectious diseases are
A) an example of an external benefit. B) an example of an external cost. C) dangerous for society. D) an example of a public good.
Which of the following is NOT required for paper dollars to work as a medium of exchange?
a. An established and regulated system of fiat money b. Intrinsic value backed by gold c. Government prosecution of counterfeiters d. Acceptance as part of social convention
Leadership is the process of persuasion or example by which an individual induces a group to pursue objectives held by the leader or his or her followers. This definition of leadership emphasizes ________ as an important characteristic of leadership.
A. motivation skills B. planning skills C. lobbying D. vision setting