Research by Richard Layard indicates that an increase in a country's level of output per capita will
A) always increase happiness in that country.
B) always decrease happiness in that country.
C) generally have no effect on happiness in that country.
D) increase happiness in that country if output per capita is relatively low.
D
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The figure above shows the market for pants. If the government subsidizes the production of pants so that production expands from 6 million pairs to 7 million pairs,
A) there would be no deadweight loss. B) the government's policy would have no effect on the sum of consumer surplus and producer surplus. C) a deadweight loss would result. D) the government's policy would increase the sum of consumer surplus and producer surplus. E) production would be even more efficient than if 6 million pairs of pants are produced because more is always better than less.
Government licensing of occupations or trades
A) has usually been created over the objections of sellers in the licensed industry. B) is more often supported than opposed by the persons and firms to be regulated. C) is usually supported by legislators because they want to protect consumers against inferior-quality products. D) will not reduce competition if it merely imposes higher costs on potential entrants into the occupation or trade.
According to the Rybczynski theorem, if a country increases its endowment of capital and prices remain constant, then its output of both the capital and labor intensive goods will rise
Indicate whether the statement is true or false
Wages are used to calculate
A. GDP by the expenditures approach.
B. Net exports.
C. Net subsidies to government enterprises.
D. GDP by the income approach.