Which of the following is not an important difference between privately-owned enterprises and government institutions?
A) Decision makers confront different sets of incentives.
B) Different kinds of information are available to decision makers.
C) Government has the generally acknowledged right to use coercion.
D) Self-seeking motives are less characteristic of government employees.
D
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Between September 2013 and September 2014 the number of discouraged workers decreased from 852,000 to 698,000. Assuming the change resulted from discouraged workers starting to make specific efforts to find a job again, this change creates
A) an increase to the U-3 unemployment rate. B) a decrease to the U-3 unemployment rate. C) no change to the U-3 unemployment rate. D) a decrease in the labor force participation rate.
Refer to Table 3-3. The table above shows the demand schedules for Kona coffee of two individuals (Luke and Ravi) and the rest of the market. At a price of $4, the quantity demanded in the market would be
A) 40 lbs. B) 70 lbs. C) 110 lbs. D) 150 lbs.
When private goods have external benefits:
A. marginal social cost is greater than marginal private cost. B. marginal privates cost is greater than marginal social cost. C. marginal social benefit is greater than marginal private benefit. D. marginal private benefit is greater than marginal social benefit.
Which of the following would be best classified as a private good?
A. a missile defense system B. police force C. clothing D. radio frequency