National defense is an example of a _____________________.
Fill in the blank(s) with the appropriate word(s).
public good
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The above figure shows the market for labor. The employer is a monopsony. If the workers are unionized, the wage will be
A) $5 per hour. B) between $5 per hour and $15 per hour. C) above $15 per hour. D) less than if the workers were not unionized.
Refer to Figure 16-4. In the graph above, suppose the economy is initially at point A. The movement of the economy to point B as shown in the graph illustrates the effect of which of the following policy actions by Congress and the president?
A) an increase in the marginal income tax rate B) an increase in interest rates C) an increase in transfer payments D) an open market purchase of Treasury bills
What are the main determinants of demand elasticity? Explain their importance.
What will be an ideal response?
Which of the following would be most likely to improve the standard of living of a less-developed country?
a. Development of strong labor unions. b. More foreign investment, attracted by the expectation of economic and political stability. c. Adoption of trade barriers (higher tariffs and quotas). d. Widespread use of price controls to allocate goods and resources.