One way to allocate the scarce good created from an effective price ceiling is to:
`A. offer it on a first-come, first-served basis.
B. ration a certain quantity per household.
C. give them to the friends and family of the producers.
D. All of these are examples of allocating using non-price methods.
D. All of these are examples of allocating using non-price methods.
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Economics is the social science that studies
A) the real reasons people buy goods and services. B) the psychology of individuals and businesses. C) whether a nation has enough natural resources. D) how people make choices to cope with scarcity. E) how choices made in the social interest could eliminate scarcity.
Countries that are more open to international trade tend to have
A) property rights that are not well defined. B) higher levels of economic growth. C) lower levels of physical capital. D) lower levels of economic growth.
In the Santa Rita mines in Arizona in 1870, Mexican miners received about $12 per month while "American" miners received $70 . Although the wages of both groups tended to rise over time, the gap persisted until at least 1910 . Mexican and American miners did the same work and were equally productive. Economists call this pay differential: a. prejudicial differentials
b. compensating differentials. c. wage discrimination. d. job entry discrimination.
If the marginal revenue product of labor improves, which of the following shifts in the labor market should occur?
A. Demand for labor should shift to the right. B. Supply of labor should shift to the left. C. Demand for labor should shift to the left. D. Supply of labor should shift to the right.