Suppose the government launches a successful advertising campaign that convinces workers with high school degrees to quit their jobs and become full time college students. This would cause
A) the labor force participation rate to decrease. B) the number of discouraged workers to increase.
C) no change in the unemployment rate. D) the unemployment rate to decrease.
A
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When the law grants someone control of a resource, that control is referred to as a property right
Indicate whether the statement is true or false
Deadweight loss occurs when
A) consumer surplus is greater than producer surplus. B) surplus losses to one group due to intervention are not offset by surplus gains to another. C) consumer surplus is reduced. D) consumer surplus is negative.
Another commonly used algebraic form for a demand function is the semi-logarithmic functional form, log(Q) = a - bP + cI, where Q is quantity demanded, P is the product price, and I is income
Here, -100b represents the percentage change in quantity demanded given a one unit increase in price. By the Law of Demand, we should expect the value of b to be: A) positive. B) negative. C) positive or negative. D) We do not have enough information to answer this question.
Refer to the information provided in Figure 4.4 below to answer the question(s) that follow.
Figure 4.4Refer to Figure 4.4. Assume that initially there is free trade. If the United States then imposes a $25 tariff per barrel of imported oil,
A. U.S. imports of oil will increase by 4 million barrels per day. B. the quantity of oil demanded will be reduced by 4 million barrels per day. C. the quantity of oil supplied by U.S. firms will increase by 8 million barrels per day. D. the price of oil in the U.S. will increase to $150 per barrel.