An electrician licensing program in the state of North Carolina requires each electrician to obtain a license and renew it each year. Which of the following is a result of having the licensing program in North Carolina?
A. a decrease in total surplus
B. excess demand for electrical service
C. an increase in the quality of electrician
D. All of these are a result of the licensing program.
Answer: D
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If all consumers are perfectly rational according to microeconomic models they should
A. always buy more of the least expensive good. B. all have the same level of satisfaction. C. all end up with the same bundle of goods. D. all have the same marginal rate of substitution.
The law of demand indicates that as the cost of an activity:
A. rises, the level of the activity may or may not increase depending on the individual. B. rises, more of the activity will occur. C. falls, less of the activity will occur. D. rises, less of the activity will occur.
When goods are subject to market failure, all of the following are possible solutions to the market failure except:
A. privatize the good. B. have government either regulate the market or provide the good. C. set a very specific consumer quota on consumption. D. change social norms.
Currently, the case for increasing infrastructure spending in the United States is:
A. only compelling during economic downturns. B. not compelling during an economic downturn. C. compelling even when the economy is at full employment. D. only compelling when the economy is at full employment.