For which of the following goods would you most likely observe the characteristic of excludability?
A. A professional baseball game.
B. A concert in the city park.
C. An interstate highway.
D. Exterior Christmas lights.
Answer: A
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A market in which competition and entry are restricted by the granting of a public franchise, government license, patent, or copyright is called a
A) legal monopoly. B) natural monopoly. C) single-price monopoly. D) price-discriminating monopoly.
Over the past decade, the incomes of the top 1 percent have increased disproportionately higher than that of the middle class. These changes mean that the Lorenz curve moved ________ the 45 degree line and the Gini ratio has ________
A) closer to; decreased B) closer to; increased C) further away from; decreased D) further away from; increased
A job leaver is an individual
A) in the labor force whose employment was involuntarily terminated. B) who used to work full time but left the labor force and has now reentered it looking for a job. C) in the labor force who quits voluntarily. D) who has never held a full-time job lasting two weeks or longer but is now seeking employment.
In labor markets, risk taking accounts for some income differences.
Answer the following statement true (T) or false (F)