The utility we get from something:
A. is a measurement of outside perceptions and inner preferences.
B. is a measurement of the benefit of consuming the good relative to the opportunity cost.
C. is a measurement of our direct benefit of consuming the good.
D. is a measurement of outside benefits and inner costs.
Answer: A
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The number of unemployed divided by the labor force equals the:
A. labor-force participation rate. B. employment rate. C. duration rate. D. unemployment rate.
Government regulation of industry is designed to separate __________ from __________
a. profit maximization; efficiency b. efficiency; output c. price making; the firm d. monopolies; competitors e. bigness; profitability
Comparing the mobility of U.S. workers at the bottom of the income distribution to European workers in the same situation shows that U.S. workers are
a. more mobile in moving from lower to higher quintiles during their working lives b. less mobile in moving from lower to higher quintiles during their working lives c. paid more but remain at the bottom longer d. paid less and remain at the bottom longer e. more likely to leave their country (U.S.) to find work elsewhere
A decrease in the price of rice from 50 cents to 40 cents a pound increases consumption from 16 to 20 tons a week in Gainesville and from 160 to 200 tons in the larger city of Miami. The elasticity of demand for rice is
a. greater in Miami than in Gainesville, even taking into account the population difference. b. greater in Gainesville than in Miami in spite of the population difference. c. equal in Gainesville and Miami regardless of the population difference. d. impossible to compare because of the population difference.