For society, when is a good NOT scarce?
a) if at least one individual in society can obtain all he or she wants of the good
b) if firms are producing at full capacity
c) if all members of society can have all they want of the good
d) if those who have enough income can buy all they want of the good
Answer: c) if all members of society can have all they want of the good
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Governance mechanisms are designed
a. to increase contracting costs b. to resolve post-contractual opportunism c. to enhance the flexibility of restrictive covenants d. to replace insurance e. none of the above
The share of GDP taken by taxes is considerably higher in the United States than in other countries.
Answer the following statement true (T) or false (F)
A number of economists have estimated the impact of unionization on workers' wages. Which of the following is one conclusion reached by these studies?
A) Holding constant the impact of other factors that affect wages, being in a union has no impact on a worker's wages. B) Being in a union increases a worker's wages by about 10 percent, holding constant other factors that influence wages. C) Union workers earn less than they would if they were not unionized. This is because of the impact of workers' strikes, during which union members do not receive wages. D) The share of national income received by workers has increased significantly over time; unions have been responsible for about one-half of the increase in workers' share of national income from the end of World War II to 2000.
Which of the following is an example of human capital?
a. the comfortable chair in your dorm room where you read economics texts b. the amount you get paid each week to work at the library c. the things you have learned this semester d. any capital goods that require a human to be present to operate