The event that occurred in the second term of President George W. Bush which effectively halted discussions of Social Security reform was
A. a breakdown of political stability in Afghanistan.
B. Hurricane Katrina.
C. the surge in Iraq.
D. the invasion of Iraq.
Answer: D
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Opportunity cost is the combined value of all of the other alternatives that go unselected.
Answer the following statement true (T) or false (F)
Assume the marginal revenue from each additional unit of a good sold is 0. In this case, we can conclude that demand for the good is:
A) unit elastic B) perfectly elastic. C) perfectly inelastic. D) relatively inelastic.
Consumer surplus can be used to compare the effects of any of the following except for different
a. market structures b. tax structures c. production technologies, such as capital-intensive versus labor-intensive d. public programs e. levels of medical care benefits
When labor is substitutable between two markets, we should expect:
A. the two markets to pay the same or similar equilibrium wage. B. those markets to produce substitutable outputs. C. the workers in the two markets to commit to one at the start of their career and stick with it, despite the similarities. D. All of these statements are true.