Person A argues that government is unnecessary and often does more harm than good. Economist A disagrees. What does economist A --- who believes that there is a legitimate case that can be made for government --- most likely say to support his position?
A) Government almost always does more good than harm.
B) Without government, life would be anarchy.
C) There are some things that individuals want done that can't get done without government.
D) There are better people going into government work than are going into the private sector.
E) none of the above
C
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A minimum wage set above the equilibrium wage rate is a price
A) ceiling that results in a shortage of low-skilled labor. B) ceiling that results in a surplus of low-skilled labor. C) floor that results in a shortage of low-skilled labor. D) floor that results in a surplus of low-skilled labor.
Which statement(s) is (are) consistent with a positive relationship between inflation and the output gap?
A) If output rises above its potential level, the unemployment rate falls and firms will raise wages and prices more rapidly. B) In the short run, the AS curve is upward sloping. C) Through Okun's law, the negative relationship between the output and unemployment gaps allows the modern Phillips curve to be translated into the AS curve. D) all of the above E) none of the above
The above figure shows the market for rice in Japan. SDomestic represents the domestic supply curve, and Sworld represents the world supply curve. An import quota of 35 units would
A) cause consumer surplus to fall by "g." B) cause social welfare to fall by $35. C) increase domestic producer surplus by "g." D) have no effect.
The U.S. terminated its role in the slave trade in the early 1800s. What is the best assessment of what would have happened had the U.S. not ended the slave trade?
a. The price of slaves would be lower and the wages of free workers would be lower. b. The price of slaves would be higher and the quantity of free workers would be lower. c. The price of slaves would be lower and the wages of free workers would be higher. d. The quantity of slaves would be higher and the quantity of free workers would be higher. e. The quantity of slaves would be lower and the wages of free workers would be lower.