A cultural norm is a(n):
A. political force.
B. economic force.
C. social force.
D. market force.
Answer: C
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All of the following contributed to the downfall of the Soviet Union in 1991 except
A) lack of high-quality goods and services. B) public dissatisfaction with low living standards and political repression. C) an inability to produce low-cost consumer goods that households wanted. D) lack of a strong dictator who could coordinate economic activities.
A firm in a perfectly competitive industry
A. is unaffected by the entrance of new firms into the industry, since entering firms affect only the prices they themselves receive. B. always produces more output in the long run than in the short run. C. may choose a different output in the long run than in the short run. D. earns economic profit in the long run but not in the short run.
When a price ceiling is imposed below the equilibrium price of a commodity,
a. quantity supplied will be greater than quantity demanded for the good. b. the problem of scarcity will be solved. c. a shortage of the good will develop. d. a surplus of the good will develop.
The Roy model concerns
A. the cost-benefit analysis of layoffs or quits. B. specific on-the-job training. C. the skill-selection associated with immigration flows. D. the age-earnings profile. E. general training.