The idea of linking public school teacher salaries to student outcomes is basically an attempt to impose a ________ compensation scheme on teachers.
A. profit sharing
B. work-for-pay
C. piece rate
D. time rate
E. tournament
Answer: C
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A network externality refers to a situation where:
A) the value of a product increases as more consumers start to use it. B) firms collude to sell products at a price higher than the equilibrium market price. C) a firm that has control over key resources auctions the resources off to other firms. D) the government interferes to prevent the concentration of market power in the hands of a few firms.
The sale of by-products of public goods can sometimes help to finance those goods. Which of the following would not be a by-product of a public good?
A. Having police contract with a newspaper to deliver papers on the morning patrols. B. Charging a fee for GPS signals that come from a defense department satellite. C. Adding software to a computer you are selling in hopes of getting more sales. D. Selling fishing license to fish off of a public bridge.
If the Fed sells government securities to the general public in the open market:
A. The Fed gives the securities to the public; the public pays for the securities by writing checks that when cleared will increase commercial bank reserves at the Fed B. The Fed gives the securities to the public; the public pays for the securities by writing checks that when cleared will decrease commercial bank reserves at the Fed C. The public gives the securities to the Fed in exchange for a Fed check, which when deposited at commercial banks will increase their reserves at the Fed D. The public gives the securities to the Fed in exchange for a Fed check, which when deposited at commercial banks will decrease their reserves at the Fed
Quick Buck and Pushy Sales produce and sell identical products and face zero marginal and average cost. Below is the market demand curve for their product. 
If Quick Buck and Pushy Sales decide to collude and work together as a monopolist with each firm producing half the quantity demanded by the market at the monopoly price, then what will be Quick Buck's economic profit?
A. $4,000 B. $3,000 C. $1,000 D. $2,000