An example of term limits in the United States would be that U.S. presidents cannot hold more than:
A. four 2-year terms.
B. four 4-year terms.
C. two 2-year terms.
D. two 4-year terms.
Answer: D
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Company towns are often decried as monopsonists. Why was it unlikely that another employer would move into a company town?
A) The marginal workers available in the company town had low marginal revenue product. B) The existing monopsonist had a first-mover advantage. C) The marginal workers available in the company town would demand a wage higher than that obtained at the existing monopsonist. D) Any of the above.
Suppose the market for Mexican food in your neighborhood was in equilibrium.a. Draw a diagram showing the demand and supply curve for Mexican food. Indicate the market equilibrium quantity and price in this market.b. Suppose the government imposed a binding price ceiling in this market, with the goal of making Mexican food affordable to most residents. Add the price ceiling to your diagram, and then identify the quantity demanded and quantity supply in this market with the price ceiling.c. Would the government be able to make Mexican food affordable to most people with the price ceiling? Explain your answer using the diagram you drew in part (b).
What will be an ideal response?
Marginal cost
A) is the increase in total cost resulting from producing one more unit. B) is the average cost of production divided by output. C) equals the increase in AVC resulting from producing one more unit. D) always equals average cost.
Refer to the graph shown. The cost of 5 units of labor and 6 2/3 units of machines is the same as the cost of:
A. 5 units of labor and 10 units of machines. B. 15 units of labor and 2 units of machines. C. 10 units of labor and 10 units of machines. D. 7.5 units of labor and 5 units of machines.