In perfect competition:
(a) A few firms dominate the industry.
(b) Firms are price makers.
(c) There are many buyers but few sellers.
(d) There are many buyers and sellers.
Answer: (d) There are any buyers and sellers.
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Which of the following are NOT scarce?
a. time for leisure activities b. computers c. compact discs d. the air we breathe
The direct costs in an economic evaluation include the all the following except:
a. reduced productivity at work. b. the cost of home remodeling to accommodate a physical handicap. c. hospitalization. d. medical devices. e. transportation to and from the physician's office.
According to the theory of the backward-bending labor supply curve, as the hourly wage keeps rising we
A. eventually reach a maximum number of hours worked. B. eventually reach a minimum number of hours worked. C. keep increasing indefinitely the number of hours worked. D. will work a set number of hours whether or not the wage rate is increased.
Which of the following is not a social insurance program?
A. TANF (Temporary Assistance for Needy Families). B. Medicaid. C. Supplemental Security Income. D. Unemployment compensation.