A monopoly is a sole ____, and a monopsonist is a sole ____
a. buyer in a product market; seller in a product market
b. seller in a product market; seller in a labor market
c. buyer in a product market; seller in a labor market
d. seller in a product market; buyer in a labor market
e. seller in a labor market; buyer in a product market
d
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All else equal, increases in proprietors' income will ________.
A. increase wages B. increase exports C. increase profits and losses D. increase gross investment
Based on the data in the table above, at the short-run equilibrium
A) the unemployment rate is less than the natural unemployment rate. B) the unemployment rate is greater than the natural unemployment rate. C) the money wage rate will rise in the long run. D) the economy is at full employment.
If you included both time and entity fixed effects in the regression model which includes a constant, then
A) one of the explanatory variables needs to be excluded to avoid perfect multicollinearity. B) you can use the "before and after" specification even for T > 2. C) you must exclude one of the entity binary variables and one of the time binary variables for the OLS estimator to exist. D) the OLS estimator no longer exists.
The rational-ignorance effect refers to the
a. lack of incentive voters have to become well-informed about candidates and issues because their vote is unlikely to affect the outcome of an election. b. fact that most people choose to become just as well-informed when making choices as consumers as they do when making choices as voters. c. lack of rational analysis on the part of voters when they choose not to become informed about candidates and issues even though this knowledge would produce great personal benefit to them. d. problem of not enough information being supplied to voters because politicians are not spending enough on campaign adds to inform voters of their positions on issues.