A potential outcome
A) is the outcome for an individual under a potential treatment.
B) cannot be observed because most individuals do not achieve their potential.
C) is the same as a causal effect.
D) is none of the above.
Answer: A) is the outcome for an individual under a potential treatment.
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Which of the following was an element of the New Deal?
A. Wage and price controls B. Unemployment insurance and bank deposit insurance C. Regulation of the stock market D. Unemployment insurance, bank deposit insurance, and regulation of the stock market, but not wage and price controls
If the central bank of Orangeland pursues an expansionary monetary policy, ________
A) its labor supply will fall B) the price level in Orangeland will fall C) the demand for labor in the economy will increase D) the interest rate in Orangeland will rise
In perfect competition P = MR, but in monopoly P > MR. Why? Substantiate this statement with an example.
What will be an ideal response?
Advocates of higher minimum wages for unskilled labor defend their position by arguing that
A. low-income workers deserve to earn incomes above the poverty level B. higher wages boost worker productivity and efficiency C. higher wages will cause employers to reduce the payroll but the total wages of remaining workers will be higher D higher wages induce more workers into the labor market and thus reduce unemployment E. it is more efficient for the private sector to provide a higher wage than for the government to provide transfer payments to low-income workers