A binding price floor is shown in
A. panel (b) only.
B. neither panel (a) nor panel (b).
C. panel (a) only.
D. both panel (a) and panel (b).
A. panel (b) only.
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Seasonal unemployment is
A) due to the fact that workers must search for appropriate job offers. B) a result of a poor match of worker's abilities and skills with current requirements of employers. C) a result of business recessions that occur when aggregate demand is insufficient to create full employment. D) a result of the seasonal pattern of work in specific industries.
Organ sales are illegal in the United States. This creates possible economic inefficiency because:
a. It discourages wealth creating transactions through the threat of legal penalty b. It encourages organ sales c. It encourages government intervention
If the rate of growth of output is 10% and the rate of growth of per capita real GDP is 6%, what is the rate of growth of population?
A. 2 B. 4 C. 6 D. 8
When an external cost exists in the production of a good, firms tend to
A. over-produce the good. B. keep production constant throughout the year. C. under-allocate resources to the production of the good. D. under-produce the good since society pays these costs.