Which of the following variables is measured only at a particular point in time and not over different time periods?
a. The unemployment rate
b. Consumer income
c. The federal government's debt
d. The federal government's budget deficit
e. Total expenditure
c
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Which of the following statements best describes the problems faced by workers in low-income countries?
a. The real problem for many workers in low-income countries is that globalization has made their lives worse, and that they have so few good life alternatives. b. The real problem for many workers in low-income countries is that globalization has made their lives worse, although it has created a few good life alternatives. c. The real problem for many workers in low-income countries is not that globalization has made their lives worse, but rather that they now have so many life alternatives. d. The real problem for many workers in low-income countries is not that globalization has made their lives worse, but rather that they have so few good life alternatives.
An oligopoly is a market structure in which there
a. are no good substitutes produced within the industry, giving each firm substantial market share b. are perfect substitutes produced within the industries, giving each firm only partial market share c. are monopolies competing to create monopolistic competition in the short run and oligopoly in the long run d. are at least 25 firms producing an identical good e. are only a few firms in the industry
Which of the following is an example of the free-rider problem?
a. Both Zoe and Zach receive low-cost dental care at the local dental school, so neither of them pays the full cost of the care. b. Alfred receives a free lunch from the local "Meals on Wheels" program because of his low monthly income. Yet his next door neighbor, Alice, is not eligible for the free lunch. c. Bruce owns Buster, a large dog who barks whenever anyone walks near his house. Betty lives next to Bruce, and Buster's barking can be heard whenever anyone walks near her house, too. Thus, Betty receives free protection from burglars because of Buster's barking. d. Sam purchases a burger at a fast food restaurant and gets a second burger free because the restaurant is having a buy one, get one free sale.
Which of the following statements is true of the cross-price elasticity of demand?
A) The cross-price elasticity of demand between substitutes is zero. B) The cross-price elasticity of demand between complements is zero. C) The cross-price elasticity of demand between substitutes is negative. D) The cross-price elasticity of demand between complements is negative.