Consider the following economic agents:
a. the government
b. consumers
c. producers
Who, in a modern mixed economy, decides what goods and services will be produced with the scarce resources available in that economy?
A) producers
B) consumers
C) the government, consumers, and producers
D) the government
E) consumers and producers
C
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Kyle and Stan are playing Odds or Evens, where Kyle is designated as the "odd" player and Stan is designated as the "even" player. They decide to play the game 10 times. Stan's ideal mixture is to
A) "shoot 1" every time since Kyle is the "odd" player. B) "shoot 2" every time since he is the "even" player. C) "shoot 1" 50% of the time and "shoot 2" 50% of the time. D) Stan's ideal mixture depends on Kyle's ideal mixture.
Labor unions benefit their members by
A) distributing income more equally among workers. B) helping them compete more effectively against employers. C) increasing the number of job opportunities available for employees. D) preventing or controlling competition among workers. E) promoting the trade they represent to assure an adequate supply of skilled workers.
What is rent seeking and how does it influence the inefficiency of monopoly?
What will be an ideal response?
Each firm's capital stock is fixed in the short run. Therefore, if the price of capital increases, then in the short run the market demand curve for labor in a perfectly competitive market will
a. shift inward. b. be unaffected. c. shift outward. d. change slope.