During the Great Depression, the economist who raised the loudest objections against the classical model was
a. Milton Friedman
b. John Nash
c. Adam Smith
d. Ben Bernanke
e. John Maynard Keynes
E
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In the competitive market for balloon rides, marginal social cost equals marginal social benefit when 3,000 balloon rides a day are taken and the price of a ride is $130. Which of the following statements is TRUE?
A) There is a free-rider problem. B) Too many rides are available. C) Too few rides are available and the price of a balloon ride is too high. D) The efficient quantity of balloon rides is 3,000 a day.
In the figure above, consumer surplus at the price that maximizes the profit for an unregulated, single-price monopolist is the area of
A) rectangle 0heb. B) triangle abe. C) triangle eig. D) rectangle 0hgd.
If the interest rate is 10 percent per year, and you have $100,000 now, which of the following is closest to what your $100,000 will be worth in three years?
A) $155,000 B) $115,000 C) $120,000 D) $133,000
"Economic exploitation" is measured by:
a. the sum of all input costs, both direct and indirect. b. the difference between the value of output a worker adds and what she receives. c. the difference between a monopoly's profit and the profit of a competitive firm. d. the average wage of a skilled worker divided by the average wage of an unskilled worker.