If the wage rate is $5 per hour, regardless of how many laborers are employed, the wage rate equals the
a. MLC
b. MPP
c. MR
d. MRP
e. TLC
A
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People who attend college for four years in order to equip themselves to earn higher incomes in later life are
A) discounting the future at a higher rate than do people who don't attend college. B) giving up future satisfaction for the sake of current satisfaction. C) ignoring the fact that future income has less value than current income. D) investing in human capital. E) revealing a high rate of time preference.
Market failure implies that a policy of laissez-faire:
A.) Leads the economy to a point beyond the production possibilities curve. B.) Leads the economy to an undesirable point on the production possibilities curve. C.) Is superior to government intervention. D.) Causes government failure.
Producer surplus is measured as the area
A. below the demand curve and above the market price. B. below the supply curve and above the market price. C. above the supply curve and below the market price. D. above the demand curve and below the market price.
In the 1970s, the government placed price ceilings on gasoline prices. A shortage of gasoline occurred, and long lines formed at the pumps. Some gas stations required that in addition to paying the price on the pump you had to buy a blank will. The
action of having to purchase the will in order to purchase gas is known as A) a surplus. B) a price support. C) the price system. D) a black market.