For the majority of the U.S. population ________
A) consumption is driven solely by current income
B) consumption smoothing is possible
C) a change in lifetime resources will not change current consumption
D) a change in lifetime resources will not change future consumption
B
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Producer surplus in a perfectly competitive industry is
A) the difference between profit at the profit-maximizing output and profit at the profit-minimizing output. B) the difference between revenue and total cost. C) the difference between revenue and variable cost. D) the difference between revenue and fixed cost. E) the same thing as revenue.
An advantage of the proprietorship as a form of business organization is
A) its limited liability. B) its limited access to capital, thus reducing the possible size of debt. C) that it is easy to form. D) that it can sell bonds to the public.
Consumer Sovereignty
- Describe the operation of their "National People Meter Service." How many households are used for this survey?
- Does this survey enhance or reduce consumer sovereignty over the choice of TV programming provided to the public?
- Why is demographic information on viewers of interest to advertisers?
- Does the availability of this demographic information enhance or reduce consumer sovereignty in the markets for the products advertised by sponsors?
If a minimum wage law is passed imposing a price floor above the equilibrium price of unskilled labor:
a. the quantity of unskilled labor demanded will exceed the quantity of unskilled labor supplied. b. the quantity of unskilled labor supplied will equal the quantity of unskilled labor demanded. c. the quantity of unskilled labor supplied will exceed the quantity of unskilled labor demanded. d. the demand for unskilled labor will decrease.