One of the following is not a characteristic of perfect competition. Which is it?
a. Firms advertise to increase their market share.
b. Profits are low in the long run.
c. Consumers pay little attention to brand names.
d. Firms pay no attention to their competitors' output levels.
a
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Do policies that alter the distribution of income also entail a change in property rights?
A) It is impossible to tell because of the uncertainty such policies create. B) Not if they are confined to changing relative prices. C) Not if they redistribute income without confiscating anyone's wealth. D) They do so necessarily.
Government intervention becomes necessary when self-interest leads to
a. increased profits. b. laissez-faire. c. the undermining of competition. d. the law of diminishing returns.
Unemployment compensation payments:
a. rise during a recession and thus reduce the severity of the recession. b. rise during a recession and thus increase the severity of the recession. c. rise during inflationary episodes and thus reduce the severity of the inflation. d. fall during a recession and thus increase the severity of the recession.
What is a discouraged worker? How do they affect the unemployment rate?
What will be an ideal response?