Government's ability to force people to do things involuntarily is:
A. Unconstitutional in the U.S. and other market economies
B. Always going to lead to lower economic efficiency
C. Beneficial if it is used to improve economic efficiency
D. Always beneficial in reducing the deadweight loss in the economy
C. Beneficial if it is used to improve economic efficiency
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The members of Federal Reserve district bank boards of directors who are leaders in industry, commerce, and agriculture are known as
A) Class A directors. B) Class B directors. C) Class C directors. D) Class D directors.
Which of the following assumptions is made while determining equilibrium wage and labor employed in the economy?
a. Information about job vacancies is difficult to obtain for workers. b. Mobility of workers is limited, i.e., workers can not switch jobs easily. c. Jobs vary widely in scope and responsibilities. d. All person-hours of labor are treated as identical.
Which of the following statements is true about public goods?
a. They are always produced by the government. b. The market-determined output is efficient. c. The government can hire a private entity to produce a public good. d. Nonexcludability is sufficient condition for a good to classified as a public good.
Tariffs tend to reduce the volume of imports by
A. Reducing prices of domestically produced goods. B. Making them more expensive to domestic consumers. C. Placing severe quality restrictions on imported goods. D. Setting maximum allowable import limits.