If allocating dorm rooms changes from allocation by lottery to allocation by the market:
A. the allocation problem is still an economic problem.
B. it becomes a political problem but not an economic problem.
C. it becomes a social problem but not an economic problem.
D. it becomes an economic problem.
Answer: A
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Which of the following accounts for the largest portion of federal government spending?
A) Education B) Policing C) Infrastructure D) National defense
Partial equilibrium is
A. exactly like general equilibrium. B. studying only the supply side of the market. C. studying individual markets. D. examining the demand side of the market.
The demand curve for labor slopes downward because
a. few workers work at low wages. b. capital has been substituted for labor in most industries. c. of the diminishing marginal product of labor. d. All of the above are true.
A price ceiling that sets the price of a good below market equilibrium will cause
a. an increase in quantity demanded of the good. b. a decrease in quantity supplied of the good. c. a shortage of the good. d. all of the above.