Recall the Application. As the world price of wool decreased, the quantity of wool supplied by individual ranchers would ________, and the quantity supplied in the whole market would ________
A) decrease; increase B) increase; decrease C) increase; increase D) decrease; decrease
D
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Which of the following is a political function of government but is not a central economic function?
A) determining who has a right to vote B) determining government-sponsored and government-inhibited goods C) providing a legal system to adjudicate property rights D) redistributing income from some individuals to others
What are some of the solutions for a hold-up problem?
a. Mergers b. Contracts c. Exchange of ‘hostages' d. All the above
Structural unemployment refers to unemployment resulting from
a. technological change b. being in the wrong location at the wrong time c. taking the time to find a better job d. working at a job that does not challenge your abilities e. a recession in the economy
Refer to the information provided in Figure 5.7 below to answer the question(s) that follow.
Figure 5.7The above figure represents the market for pumpkins both before and after the imposition of an excise tax, which is represented by the shift of the supply curve.Refer to Figure 5.7. Before the tax, store owners are willing to sell ________ pumpkins at a price of ________ each.
A. 0; $8.50 B. 1,200; $5.50 C. 700; $7.25 D. 1,200; $8.50