Which of the following is the best example of a network externality?
A. The Internet
B. Parks
C. Pollution
D. Museums
Answer: A
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Suppose a drought resulted in a major reduction in the California lettuce crop. In the market for lettuce,
A) the demand curve shifted to the right resulting in an increase in the equilibrium price. B) the supply curve shifted to the left resulting in a decrease in the equilibrium price. C) the supply curve shifted to the left resulting in an increase in the equilibrium price. D) the demand curve shifted to the left resulting in a decrease in the equilibrium price.
In the efficiency wage model, if the real wage is higher than the market-clearing wage so that there is an excess supply of labor
A) firms will hire new workers at lower wages. B) firms will replace high-paid workers with low-paid, formerly unemployed workers. C) employers will not hire workers who are willing to work for a lower wage. D) firms will demand a higher level of effort from existing employees.
A cartel is
a. a group of oligopolists who try to behave like a single monopolist and split the benefits among themselves. b. a government-approved organization for the exchange of technical information among firms. c. a form of competition among oligopolists. d. a regulated industry that is officially permitted to set the price of its product above long-run average total cost.
If the population of the United States is 260 million, the labor force is 130 million, and 120 million workers are employed, the rate of unemployment is
A. 7.7% B. 8.3% C. 3.85% D. 53.9%