Compared to prices charged by Uber, traditional taxi companies charge government-regulated prices. These government-regulated prices ________ in the market for shared rides
A) decrease producer surplus B) decrease consumer surplus
C) increase consumer surplus D) decrease deadweight loss
B
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Which of the following individuals is the best example of a structurally unemployed worker?
A) a recent college graduate who has entered the labor force B) an individual who has been laid off from his job because of a business cycle recession C) an automobile worker who has lost her job because of an increase in automobile imports and does not have the skills currently needed by businesses D) an individual who quits one job in the hope of finding a better job
By human capital, economists mean
A) machines that replace humans. B) machines engineered to avoid operator injury. C) the accumulated skill and knowledge of humans. D) humans who perform repetitive tasks.
When the average product is decreasing, marginal product
A) equals average product. B) is increasing. C) exceeds average product. D) is decreasing. E) is less than average product.
Most of our environmental problems exist because of
a. a lack of enforced and easily traded property rights. b. consumer ignorance. c. profit maximization on the part of business firms. d. the failure of political officials to regulate business activities.