Suppose the government has enacted policies to influence the amount of good x that is supplied. These policies are most likely to improve the allocation of resources if good x is
a. basic research.
b. a congested toll road.
c. spinach.
d. clothing.
a
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If in the long run, any government policy that increases exports
A) also increases imports. B) decreases imports. C) has no impact on imports. D) makes imports become negative.
If a person did any work as a paid employee during the Bureau of Labor Statistics survey reference week, how is she classified?
A) as an employed person B) as not in the labor force C) as an unemployed person D) as part of the labor force E) ?a and d
When wages increase, the income effect ________ the supply of labor and the substitution effect ________ the supply of labor.
A. decreases; increases B. increases; decreases C. increases; increases D. decreases; decreases
Vertical merger occurs when
A) two firms merge where one had sold its output to the other as an input. B) the merger moves the combined firm onto the horizontal portion of its long-run average cost curve. C) two firms merge where each is about the same size. D) two firms producing a similar product merge.