Suppose that the wage for musicians increases relative to other occupations. We know that ________ people will work in music, and the total number of hours worked will ________.
A. more; increase
B. more; decrease
C. fewer; increase
D. fewer; decrease
Answer: A
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The CORRECT ranking of the four basic market structures from low (Herfindahl-Hirschaman Index) HHI to high HHI is
A) perfect competition, oligopoly, monopolistic competition, monopoly. B) monopoly, oligopoly, monopolistic competition, perfect competition. C) perfect competition, monopolistic competition, oligopoly, monopoly. D) monopoly, monopolistic competition, oligopoly, perfect competition.
National income =
A) Consumption - Saving +Taxes B) Consumption - Saving - Taxes C) Consumption + Saving + Taxes D) Consumption + Saving - Taxes
U.S. banks have most of their branches in
A) Latin America, the Far East, the Caribbean, and London. B) Latin America, the Middle East, the Caribbean, and London. C) Mexico, the Middle East, the Caribbean, and London. D) South America, the Middle East, the Caribbean, and Canada.
A principal idea associated with public choice theory is that
a. special interests dictate what government does b. the public chooses, but the government does what it wants c. government failure is less than market failure d. market failure is less than government failure e. people's choices dictate what government does