In contrast to a recession in industrialized nations, a recession in pre-industrial nations:
A. has smaller effects on both unemployment and wage rates.
B. has larger effects on both unemployment and wage rates.
C. is more visible in its effects on the unemployment rate but it has a smaller effect on wage rates.
D. is less visible in its effects on the unemployment rate but it has a larger effect on wage rates.
Answer: D
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Which of the following is a characteristic of a market where a price floor is in place?
A. The market quantity demanded exceeds the market quantity supplied. B. Fewer regulations are needed since the government sets the price. C. Fewer units are purchased than would be the case without the price floor. D. A smaller number of sellers than in markets without price floors.
What is the total cost at the break-even quantity calculated above?
a. $750 b. $1000 c. $1500 d. $2000
Which of the following statements is not true?
A. The United States government alters how resources are allocated in the economy by taxing, spending and issuing regulations. B. The price mechanism will work best if there are a limited number of firms in each industry. C. Lack of the provision of public goods is considered a market failure. D. Not everything produced by the public sector is a public good.
What is a mixed economy?
A. An economy in which production and distribution is done by both a private sector and a public sector. B. An economy that has a mixture of resources. C. An economy run by representatives of different political parties. D. An economy that produces a blend of various products rather than concentrating on a single product.