A group of farmers in southwestern Pennsylvania selling locally raised natural beef would be identified as a
a. not-for-profit organization
b. S corporation
c. producer cooperative
d. sole proprietorship
e. cottage industry
C
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If employers were required by law to increase the wages paid to secretaries by 40 percent, which consequence could we most confidently predict?
A) More secretaries would be employed. B) Secretaries would begin to earn more than they are worth to their employers. C) The marginal value of secretaries would increase by about 40 percent. D) The total amount of wages paid to secretaries would decrease. E) The total amount of wages paid to secretaries would increase.
A cartel is a group of firms that attempts to
A) maximize joint revenue. B) maximize joint profit. C) behave independently. D) increase consumer surplus.
The largest in-kind transfer received by the poor households in the U.S. is:
a. Old-Age, Survivors, and Disability Insurance. b. the Head Start special education program for poor children. c. Medicaid, which provides long-term medical care for the poor. d. the food stamp program, which distributes food coupons to poor households. e. Temporary Assistance for Needy Families.
The recessionary gap is the
a. amount of unemployment compensation required during a recession. b. budget deficit encountered during a recession. c. amount of government spending needed to end a recession. d. distance between the equilibrium level of output and the full employment level of output.