In recent years, more than one quarter of federal government spending went to Social Security and income security programs
a. True
b. False
Indicate whether the statement is true or false
True
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If the demand for one good decreases when the price of another good increases, the two goods are ________ goods
A) normal B) inferior C) complementary D) substitute
Many biologic drug manufacturers are pushing for patent protection to be extended to 12 years before generics are allowed to be introduced to the market. This reflects which of the following barriers to entry?
A) network externalities B) entry blocked by government action C) economies of scale creating a natural monopoly D) control of a key resource
Refer to Figure 9.8. Under free trade in sugar, domestic producer surplus will be
A) $100. B) $175. C) $10,000. D) $25,000. E) $30,625.
The labor force of a country was 50 million last year. The labor-force participation rate was 4% last year, but it increased to 6% in the current year. This implies the labor force in the current year is _____
a. 70 million b. 75 million c. 100 million d. 35 million