A criticism of market-oriented schemes says that consumers may not be well informed.
A. True
B. False
C. Uncertain
A. True
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Nonunion wages should be modeled as
A) sticky, because they imitate union wages rather closely. B) sticky, because their contracts cannot contain COLA clauses. C) perfectly flexible, because wage contracts are illegal outside of unions. D) perfectly flexible, because workers willing to take the risks of full wage flexibility are precisely those workers who have rejected unionization.
Money is not ________
A) income because the former is a stock measure and the latter a flow B) wealth because the former is generally used to procure the latter C) as inefficient as barter because the latter requires a double coincidence of wants D) all of the above E) none of the above
The two basic reasons why a monopoly exists are barriers to entry and cost advantages.
Answer the following statement true (T) or false (F)
The less the bend (or arc), or more linear the utility function is, the ________ risk averse the person is.
Fill in the blank(s) with the appropriate word(s).