A monopoly creates a deadweight loss because the monopoly
A) sets a price that is too low.
B) makes a normal profit.
C) does not maximize profit.
D) produces less than the efficient quantity.
E) produces more than the efficient quantity.
D
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Which of the following is concerned with the distribution part of resource allocation?
A. An economy decides to produce equal quantities wheat, rice, and clothes. B. An economy decides to use 25 percent of the available capital for producing clothes. C. An economy decides to ration 40 percent of its output to low income groups. D. An economy decides to use more labor for producing wheat and rice.
Compensation where the top performer receives much higher rewards than other competitors, even if the others perform at only slightly lower levels, is called
a. round-robin pay. b. tournament pay. c. base pay. d. a compensating differential.
Which of the following is an example of cyclical unemployment?
A. Qadir is employed in the summer as a lifeguard but cannot find a position in the winter B. Quincy left his job in Dallas to search for a new job in Idaho C. Quinlan worked as an engineer until he was laid off because of a decrease in aggregate demand D. Quinn has few job-related skills so she is never hired even though she continues to apply
Real GDP is found by dividing:
A) Nominal GDP by the producer price index. B) Nominal GDP by the consumer price index. C) Nominal GDP by the prices paid index by farmers. D) None of the above.