The type of unemployment that is due to changes in the structure of the economy is
A. cyclical unemployment.
B. structural unemployment.
C. frictional unemployment.
D. adjustable unemployment.
Answer: B
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Many economists believe that the U.S. tax system would be made more efficient if the basis of taxation were changed so that people paid taxes, more so than they do now, based on their
a. saving rather than their income. b. spending rather than their income. c. income rather than their wealth. d. wealth rather than their spending.
Market power is considered to be a market failure because firms with market power:
A.) Do not respond to consumer demand. B.) Tend to ignore external costs. C.) Produce less output than is socially optimal. D.) Charge a lower price than is socially optimal.
If the food stamp program in the United States moved from coupons redeemable for food to cash payments,
A) everyone would buy less food and more of other goods. B) everyone would buy more food and less of other goods. C) some people might buy less food and obtain a higher level of utility. D) some people might buy less food and obtain a lower level of utility.
Refer to Figure 17.1 What output matches MR = MC?
A. 8 units B. 5 units C. 6 units D. 7 units