The deadweight loss associated with output less than the competitive level can be determined by
A) subtracting the competitive level producer surplus from the producer surplus associated with less output.
B) subtracting the consumer surplus from the producer surplus associated with less output.
C) summing the consumer and producer surplus associated with less output.
D) summing the change in the total consumer and producer surplus from moving from the competitive level of output to less output.
D
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Over time, the percentage of total employment in services has ________ and in agriculture, employment has ________
A) increased; increased B) decreased; increased C) stayed about the same; decreased D) stayed about the same; increased E) increased; decreased
The retirement effect is
A. when people retire later than they normally would have due to Social Security. B. when people decide not to retire at all because of problems with Social Security. C. when people retire earlier than they normally would have due to Social Security. D. when people save less for their retirement due to Social Security.
When deciding on output levels, members of a cartel
A) set their output where MR = MC. B) produce the same level of output as if they were in a competitive market. C) take into account the impact of changes on members' profits. D) act as if they were monopolies.
The current empirical evidence indicates that
a. changes in the earth's cloud cover will clearly enhance the warming effects of carbon dioxide. b. the increase in carbon dioxide, over thousands of years, is definitely the cause of global warming. c. if global warming continues as most models predict, then in the next 100 years the sea levels clearly will rise by more than 10 feet. d. none of the above is true.