A demand schedule is a numerical tabulation of the ___________________ of a good at different ____________________
A) quantity supplied; prices
B) quantity demanded; incomes
C) quantity demanded; prices
D) quantity supplied; incomes
C
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Effective methods of dealing with externalities would include
a. taxing firms that generate beneficial externalities. b. imposing fines equal to the difference between MSC and MPC on firms that generate beneficial externalities. c. giving a subsidy per unit equal to the difference between MSC and MPC to firms that generate beneficial externalities. d. restricting the output of firms that generate beneficial externalities.
Economists who study labor markets have discovered that
a. only about 5 percent of wage differences are related to chance. b. ability is not difficult to measure but is largely insignificant in explaining wage differences. c. work effort is difficult to measure but is not likely to contribute much to an explanation of wage differences. d. ability, effort, and chance are likely to be significant contributors to wage differences.
The effect of union exclusion of nonunion workers is to
A. Increase the shortages of nonunion workers. B. Increase the surplus of union workers. C. Increase the number of jobs for nonunion workers. D. Reduce the wages of nonunion workers.
Utilitarianism is a principle whose goal is ________.
A) the greatest happiness for the greatest number
B) the greatest pay for the greatest number
C) equal pay for equal work
D) equal happiness for all workers