Between 2002 and 2011, legal immigration into the U.S. averaged about:
A. 500,000 per year
B. 1 million per year
C. 1.5 million per year
D. 2.5 million per year
B. 1 million per year
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Suppose that in a market for used cars, there are good used cars and bad used cars (lemons). Consumers are willing to pay as much as $9,000 for a good used car but only $3,000 for a lemon
Sellers of good used cars value their cars at $7,500 each and sellers of lemons value their cars at $1,500 each. Buyers cannot tell if a used car is reliable or is a lemon. Based on this information, what is the likely outcome in the market for used cars? A) Sellers of lemons will drop out of the market. B) Sellers of good used cars will drop out of the market. C) Used cars will sell for $6,000. D) Sellers of good used cars will incur losses.
Marginal revenue product falls as more labor is hired because
A) the price of the product must fall for a perfectly competitive firm to sell more. B) the marginal product of labor is negative as additional units of labor are hired. C) the wage rate rises as more workers work more hours. D) the marginal product of labor falls as a result of the law of diminishing returns.
What is a synergy or cost complementarity?
a. the cost of producing different products offered by separate companies would be more expensive when produced by one company b. the cost of producing different products offered by separate companies is higher than when produced by one company c. the cost of producing different products offered by separate companies is equal to when the products are produced by one company d. None of the above
An negative externality is present whenever:
a. the private marginal cost of an activity exceeds the private marginal benefit. b. the private marginal benefit of an activity exceeds the private marginal cost. c. the social marginal cost of an activity exceeds the private marginal cost. d. none of the above