Which of the following is the best example of an artificially scarce good?
a. premium cable channels
b. lobster
c. college classes
d. gasoline
Ans: a. premium cable channels
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A circuit breaker is concerned with
A. faulty tax wiring. B. residential property taxes. C. corporate tax systems. D. block grants.
If real GDP increases we know for sure that
A) prices have risen but output has remained constant. B) output has risen. C) prices have remained constant. D) prices have risen.
Among possible union strategies, the one that can both raise wages and add to employment is
a. restricting the supply of workers. b. raising the demand curve for the product or for labor. c. fixing the wage. d. striking frequently.
Referring to Figure 4.1, the increase in output from point A to B and from point B to C happens because 
A. eventually workers are up against the fact that there are fixed inputs and more workers do not add as much. B. a small number of workers cannot take as good advantage of the division of labor as a larger number. C. better workers are usually hired after the earlier ones. D. more workers will produce more.