Professor I.M. Dismal retired from his economics faculty position at the age of 66. Is he now unemployed?
A) No, because he is retired.
B) No, because he is over the age of 65.
C) Yes, because he is not employed.
D) Yes, if he is looking for some other job.
D
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The effect of a change in price on the quantity bought while keeping the consumer on the same indifference curve, is called the
A) price effect. B) income effect. C) substitution effect. D) real effect.
Suppose that in an industry, firm X has 50 percent market share, firm Y has 35 percent market share, and firm Z has 10 percent market share. Which of the following mergers is NOT likely to be challenged by the Federal Trade Commission?
A) a merger between firms X and Y B) a merger between firms Y and Z C) a merger between firms X and Z D) Any merger of two firms among those firms is likely to be challenged.
A perfectly inelastic demand would imply what kind of demand curve?
A) horizontal B) vertical C) upward sloping D) downward sloping
A positive externality is one in which there is an external benefit bestowed on a third party>
a. True b. False