Which of the following is true about the equilibrium market wage for a particular industry?
a) There is no unemployment in this industry at this wage.
b) There is a surplus of workers in this industry since the wage is high.
c) All workers in this industry are satisfied with the wage.
d) All employers in this industry are satisfied with the wage.
Answer: a) There is no unemployment in this industry at this wage.
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All of the following involve a moral hazard problem EXCEPT
A) an individual driving carelessly after buying a comprehensive insurance policy for a Ford Pinto. B) the IMF bailing Mexico out of a financial crisis, with promises to do the same for other nations that might face financial problems. C) making regular visits to your doctor because you know that you have full healthcare coverage. D) the requirement of banking institutions that owners invest a substantial portion of their own capital in their bank. E) membership in FDIC (Federal Deposit Insurance Corporation) by your local bank.
The middle class in the United States has _______ since the late 1960s.
A. stayed the same B. decreased C. increased a great deal but then declined D. increased slightly
Which of the following is NOT a cause for an oligopoly to exist?
A) economies of scale B) structural dependence C) barriers to entry D) horizontal mergers
To obtain national income, start with GNP and subtract:
A. depreciation. B. depreciation and the statistical discrepancy. C. depreciation, indirect business taxes, and corporate profits. D. depreciation, indirect business taxes, corporate profits, and social insurance contributions.