A demand relationship that is a vertical line up from the quantity axis is
A) perfectly elastic.
B) unit-elastic.
C) perfectly inelastic.
D) somewhat elastic.
Answer: C) perfectly inelastic.
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Which of the following statements is TRUE?
A) As a result of specialization some workers will be displaced and harmed in the short run by free trade. B) Free trade leads to lower wages for all workers in both nations. C) Specialization will result in a decline in an industry and none of those workers will be able to find other jobs. D) Free trade will benefit all workers in a nation equally.
From an efficiency standpoint, one must compare the excess burdens of tax and debt finance.
A. True B. False C. Uncertain
The case where people purposely act in a careless way, for example, driving recklessly because they are insured, is called
A) asymmetric information. B) risk aversion. C) moral hazard. D) bounded rationality. E) thrill-seeking.
In the labor negotiation game:
a. The payoffs from bargaining hard are only higher if your opponent accommodates b. The payoffs from bargaining hard are only higher if your opponent bargains hard c. The payoffs are always higher if you bargain hard d. The payoffs are always higher if your opponent bargains hard