Everyone in an economy tends to do better when we experience:
A. steady economic growth, high unemployment, and stable prices.
B. steady economic growth, low unemployment, and stable prices.
C. high economic growth, low unemployment, and high inflation.
D. high economic growth, high unemployment, and low inflation.
Answer: B
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According to the Application, the market price of meteorites varies from a few dollars per gram to hundreds of dollars per gram. In a market system like the market for meteorites, prices vary due to
A) government intervention in the pricing of the products. B) outsourcing. C) the lack of accounting rules in this market. D) the relative scarcity, or rarity, of the product.
Moral hazard is associated with
A) imperfect information. B) perfect information. C) the low costs of monitoring behavior. D) all of these choices.
The championship game will be held next weekend in your college's 40,000-seat stadium. The supply of tickets to the game:
A. is perfectly inelastic. B. is elastic. C. will increase because the price charged will be higher. D. depends on which teams make it to the championship game.
The fact that U.S. managers' salaries are about four times higher than those of comparable managers in Japan, where banks control firms more closely, is probably:
A. an example of X-inefficiency in Japan. B. due to the fact that there are more natural monopolies in the United States. C. an example of the monitoring problem in the United States. D. due to the fact that the U.S. economy is much less competitive.