Assume the apple market is competitive. If citizens want wages and the number of available jobs for apple pickers to increase, the best strategy would be to
A. Boycott apples until wages increased.
B. Insist that the government establish a minimum wage for apple pickers.
C. Insist that the sellers raise the price of apples.
D. Buy more apples.
Answer: D
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When a game has more than one Nash equilibrium
a. players will choose the strategies which maximize total welfare. b. players are likely to choose the strategies which minimize total welfare. c. it is difficult to predict which of the equilibria will occur or whether it is stable. d. it is difficult to predict which of the equilibria will occur but once one is reached it is likely to remain stable.
According to the graph, what is the reduction in U.S. lumber consumption as a result of the tariff?
a. 700,000 board feet
b. 100,000 board feet
c. 200,000 board feet
d. 300,000 board feet
Refer to Figure 10-6. A change in the price of candy only is shown in
A) Panel A. B) Panel B. C) Panel C. D) none of the above panels.
Why do economists think that the structural deficit is a good measure of the direction of fiscal policy?
a. Because it adjusts over the business cycle, and reflects the fiscal stimulus of policy. b. Because it changes when policy changes, rather than when the economy changes. c. Because it changes when monetary policy changes, reflecting the interest rate cost of debt. d. Because it adjusts automatically, rather than requiring specific legislation.