Political freedom seems to be ________ important to growth than economic freedom.
A. critically
B. more
C. less
D. equally
Answer: C
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A perfectly competitive market is in long-run equilibrium. Then demand decreases. The decrease in demand leads to
A) a rise in the price in the short run. B) the firms' incurring an economic loss in the short run. C) firms entering the market in the long run. D) none of the above
The above figure shows the market demand curve for telecommunication while driving one's car (time spent on the car phone). At the current price of $0.35 per minute, consumer surplus equals
A) $301.00. B) $924.50. C) $1,225.50. D) $1,250.00.
Suppose that an individual has a constant MRS of shoes for sneakers of 4:3 (that is, he or she is always willing to give up 3 pairs of sneakers to get 4 pairs of shoes). Then, if sneakers and shoes are equally costly, he or she will:
a. buy only sneakers. b. buy only shoes. c. spend his or her income equally on sneakers and shoes. d. wear sneakers only 3/4 of the time.
Darryl graduated with honors from college. However, he obtained his outstanding grades by cheating on every final exam with help from his best friend; Darryl actually has the talent of a C student. Nevertheless, he gets a job with a top accounting firm in Boston. The fact that he is hired illustrates a failure of
a. comparable worth b. signaling and screening c. marginal productivity d. supply and demand e. specialization