Licensing laws
a. are illegal in most industries
b. serve to increase wage rates in some industries
c. lead to higher employment levels in some industries
d. reduce the quality of labor in a particular market
e. are rarely effective at increasing wage rates
B
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A recession begins in July but government policy makers do not reach a consensus that a recession had in fact begun until October. This is an example of a(n)
A) quick time lag. B) recognition time lag. C) effect time lag. D) action time lag.
An inverted yield curve predicts that short-term interest rates
A) are expected to rise in the future. B) will rise and then fall in the future. C) will remain unchanged in the future. D) will fall in the future.
Most government securities transactions take place in the
A) futures market. B) commodities market. C) over-the-counter dealer market. D) New York securities market.
Which of the following is not true with regard to economic profit?
a. economic profit equals total revenue minus total cost b. economic profit excludes implicit cost c. economic profit is any profit greater than a normal profit d. firms attempt to maximize economic profit e. long-run economic profit is always zero in perfect competition