Fred and Wilma just had a baby girl and want to make sure they save enough in the future to send her to college. They begin to save in response to this ________ reason for saving.
A. bequest
B. life-cycle
C. precautionary
D. private
Answer: B
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If the technology for producing a good enables one firm to meet the entire market demand at a lower average total cost than two or more firms could, then that firm has
A) patented the market. B) a natural monopoly. C) increasing average total costs. D) a legal barrier to entry. E) a discriminatory monopoly.
The bulk of the decline in the natural rate of unemployment from 1980 to 2000 is because of
A) a decline in the inflation rate. B) a decline in the share of young workers in the labor force. C) increased competition from foreign workers. D) the depreciation of the dollar relative to foreign currencies.
Which of the following is true of a natural experiment?
A. A natural experiment occurs when some endogenous event changes the environment in which individuals, families, firms, or cities operate. B. The control group in a natural experiment is randomly chosen. C. The treatment group in a natural experiment is randomly chosen. D. Control and treatment groups in a natural experiment arise due to an exogenous event.
Refer to the information provided in Figure 3.9 below to answer the following question(s).
Figure 3.9Refer to Figure 3.9. Assume that there are only two people in the market for coconuts: Sasha and Kyle. Along the market demand curve for coconuts, at a price of ________, quantity demanded would be ________.
A. $10; 9 B. $14; 7 C. $14; 9 D. $10; 8