If a group of professionals successfully lobby the government to require workers in their profession to have a license, the most likely result will be a(n)
a. reduction in the supply of such professionals and a decrease in their wage rate
b. reduction in the demand for such professionals and an increase in their wage rate
c. reduction in the supply of such professionals and an increase in their wage rate
d. reduction in the demand for such professionals and a decrease in their wage rate
e. increase in the demand for such professionals and an increase in their wage rate
C
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"The plan to create private accounts in Social Security will reduce benefits for some workers," is an example of a ________ statement, while "Social Security will be better if the private accounts are allowed" is an example of a ________ statement.
A. structural policy; fiscal policy B. normative; positive C. positive; normative D. monetary policy; fiscal policy
A merger between two manufacturers of computers would result in which of the following?
a. A vertical merger. b. A conglomerate merger. c. A horizontal merger. d. A monopoly merger.
___________________________—a term referring to the rights of individuals to enter into agreements with others regarding the use of their property providing recourse through the legal system in the event of noncompliance.
a. Property rights b. Rule of law c. Contractual rights d. Compliance rights
Explain the difference between inferior and normal goods. As a developing economy experiences increases in income (measured by GDP), what would you predict to happen to demand for inferior goods?