Professional athletes would earn even more if it were not for the ____________ power of professional sports.
A. monopoly
B. monopsony
C. union
D. None of these choices are true.
B. monopsony
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A 10 percent increase in gasoline prices reduces gasoline consumption by about
a. 6 percent after one year and 2.5 percent after five years. b. 2.5 percent after one year and 6 percent after five years. c. 10 percent after one year and 20 percent after five years. d. 0 percent after one year and 1 percent after five years.
Which of the following makes short-term conditional low-interest loans to LDCs?
A. World Bank B. Agency for International Development (AID) C. Agency for International Finance (AIF) D. International Monetary Fund (IMF)
Moral hazard is the idea that when people are insured against the consequences of a risk, they will engage in risker behavior.
Answer the following statement true (T) or false (F)
Trade will take place:
A. only if the maximum that a consumer is willing and able to pay is equal to the minimum price the producer is willing and able to accept for a good. B. if the maximum that a consumer is willing and able to pay is greater than the minimum price the producer is willing and able to accept for a good. C. if the maximum that a consumer is willing and able to pay is less than the minimum price the producer is willing and able to accept for a good. D. None of the statements associated with this question are correct.