Refer to the figure above. The region ABC shows the ________ due to the price ceiling
A) gain in consumer surplus
B) gain in producer surplus
C) deadweight loss
D) economic loss
C
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Unemployment that arises when there is a mismatch between the quantity of labor demanded and supplied is referred to as:
A) structural unemployment. B) disguised unemployment. C) frictional unemployment. D) cyclical unemployment.
John has just tried on the most comfortable pair of pants that he has ever known. The pants are a(n)
A) experience good. B) credence good. C) logo good. D) information good.
The reason we study the non-strategic sequential labor negotiation game:
a. Is to show that these games usually go on for many rounds b. Is to show the importance of the first mover being able to commit to an offer c. Is to show the importance of the second mover being able to commit to an offer d. Is to show the irrelevance of mover position, given that he is able to commit to a position
Developing countries do:
A. compete with one another for foreign investment, and this competition reduces the benefits from foreign investment. B. not compete with one another for foreign investment, because they have sufficient domestic saving to finance their investment needs. C. not compete with one another for foreign investment, because they lack the infrastructure to attract it in the first place. D. compete with one another for foreign investment, but this competition is beneficial to developing countries because it insures a more efficient allocation of resources.