Which of the following would NOT be counted as employed?
A) an underemployed person
B) an employee working overtime every day
C) a part-time worker
D) a discouraged worker
Answer: D) a discouraged worker
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"Any social planner who implements efficient outcomes will produce the same output in a given market as the competitive market would." In addition to the conditions of the first welfare theorem, which of the following have to hold in order for the statement in quotes to be true?
A. Consumer tastes are quasilinear. B. Consumer tastes are homothetic. C. Production frontiers are homothetic. D. Both (a) and (c). E. Both (b) and (c). F. None of the above.
The elasticity all along a downward-sloping straight-line demand curve,
A. will be equal to -1 at all points. B. will be different at each point on the curve. C. will be equal to zero at all points. D. will be constant.
If your income rises by one percent and, as a result, you buy more steak, then steak is a(n)
A. inferior good. B. substitute. C. normal good. D. complement.
The argument that an industry that is highly concentrated will act like an anti-competitive monopolist would support the case that the application of antitrust laws should be based on industry:
A. Mergers B. Structure C. Regulation D. Behavior