Of the following market structures, which is the most competitive?
A) perfect competition
B) monopolistic competition
C) monopoly
D) oligopoly
A
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If the demand and supply both increase equally, then the equilibrium price ________ and the equilibrium quantity ________
A) increases; increases B) increases; does not change C) does not change; increases D) increases; decreases E) decreases; does not change
Government regulations
A) have no impact on supply. B) only change the quantity supplied, not the supply curve. C) are generally ineffective due to lobbying by suppliers. D) can change both quantity supplied as well as the supply curve.
In the United States, the average length of time people spend unemployed is
A) approximately one month. B) between two and three months. C) between ten and eleven months. D) greater than twelve months.
Which of the following statements about Social Security is FALSE?
A. Social Security is the single largest source of income for American adults aged 65 and over. B. Employers do not make any contribution to Social Security for employees unless the employer is the government, a government agency, or a government contractor. C. Social Security benefits rise along with inflation. D. Workers with low incomes will get back a higher percentage of their lifetime average income than higher-income workers.