Return to the case of education and the job market from the previous question. Which condition would be consistent with both types' obtaining an education in equilibrium?
a. cH < w < cL.
b. cL < w < cH.
c. cH < cL < w.
d. w < cL < cH.
c
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Tradeoffs involve an exchange of one thing for another because resources are limited and can be used in different ways
Indicate whether the statement is true or false
Unlike firms that sell stock in financial markets, which are known as ________ firms, companies which do not sell stock in financial markets are known as ________ firms
A) public; private B) corporate; proprietary C) open; closed D) stock market; bond market
If an import-competing firm is imperfectly competitive, then under free trade an export tariff will ________ domestic market price, ________ producer surplus, ________ consumer surplus, ________ government revenue, and ________ overall domestic
national welfare. A) increase; have no effect on; decrease; increase; decrease B) decrease; decrease; increase; decrease; have no effect on C) increase; have no effect on; increase; decrease; increase D) decrease; increase; decrease; increase; decrease E) have no effect on; have no effect on; decrease; increase; decrease
A society consists of three individuals: Sam, Tristan, and Ulyana. In terms of income and utility, Sam is currently best-off, Tristan ranks in the middle, and Ulyana is worst-off. Which of the following statements is correct?
a. Utilitarianism suggests that government policies should strive to maximize Ulyana's utility. b. Liberalism suggests that government policies should strive to increase Ulyana's utility. c. Libertarianism suggests that government policies should strive to improve Tristan's utility at the cost of Sam's utility. d. Libertarianism suggests that government policies should strive to make Sam, Tristan, and Ulyana equally well off.