Arranging matching charitable contributions will ________ the free-rider problem and lead to a ________ level of contribution to the public good.
A. increase; smaller
B. increase; larger
C. reduce; smaller
D. reduce; larger
Answer: D
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Monopoly pricing prevents some mutually beneficial trades from taking place. These unrealized, mutually beneficial trades are
a. not a concern if a market is perfectly competitive. b. a deadweight loss to society. c. a function of the reduction in the quantity produced by a monopolist in comparison to a competitive market. d. All of the above are correct.
The long-run Phillips curve:
A. is downward sloping. B. is upward sloping. C. shows there is no tradeoff between unemployment and inflation. D. is horizontal at the natural rate of inflation.
The difference between the exports and imports of goods in a country is referred to as the
A. balance of payments. B. exchange rate. C. balance of trade. D. balance of power.
In the labor market, if the government imposes a minimum wage that is below the equilibrium wage, then
A) workers who wish to work at the minimum wage will have a difficult time finding jobs. B) firms will hire fewer workers than without the minimum wage law. C) some workers may lose their jobs as a result. D) nothing will happen to the wage rate or employment.