Policies such as rent control and trade barriers persist in spite of the fact that economists are virtually united in their opposition to such policies, probably because
a. economists have not yet convinced the general public that the policies are undesirable.
b. economists engage in positive analysis, not normative analysis.
c. economists have values that are different from the values of most non-economists.
d. economists' theories are not easily confirmed or refuted in laboratory analysis.
a
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The table above shows the marginal costs and marginal benefits of college education. If the market for college education is perfectly competitive and unregulated, at the equilibrium quantity, the marginal external benefit is
A) zero. B) $5,000. C) $4,000. D) $8,000.
Based on the example provided by the authors, what is the key factor that explains much of the growing inequality in wages paid to different types of workers in the U.S. since 1980?
A) Changes in the gender composition of the work force B) Changes in the age distribution of the work force C) Differences in computer and data analysis skills D) Changes in the geographic concentration of workers
It is difficult to know whether an economy is in or moving toward equilibrium because
a. an economy is always at rest, which is equilibrium b. the economy only changes when it moves from one equilibrium level to another c. our economy is always at full employment, which is regarded as an equilibrium position but changes in the rate of inflation at full employment suggest that it can surpass equilibrium d. there is always increasing inflation coupled with low productivity growth e. economic changes are continuous so that an equilibrium level is difficult, if not impossible, to identify
Which of the following acts prohibits directors of one company from sitting on the board of a competitor?
a. Sherman Act b. Federal Trade Commission Act c. Robinson-Patman Act d. Clayton Act