The study of the problems due to asymmetric information was begun when economists analyzed which type of market?
A) the market for automobiles B) farmers' markets
C) the market for insurance D) the market for citrus fruit
A
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The United States was taken off the gold standard by
A) President Lyndon Johnson. B) President Richard Nixon. C) the Federal Reserve Chairman. D) President Jimmy Carter.
Suppose you live in a community of 100 people where everyone who is able to do so seeks work
If 80 people are over 16 years old and 72 of them are employed, what is the unemployment rate in this community?
Economists assume that the goal of the firm is to
a. maximize total revenue b. maximize profits c. minimize costs d. equate total revenue and total cost e. break even in the long run
According to the 1974 Constitution of the former Yugoslavia, nobody in Yugoslavia owns resources. Being a socialist country, the constitution claimed resources were owned by "society" as a whole
If the constitution were fully enforced, resources would tend to be A) used for the common good. B) used without greed and materialistic interests. C) free from the constraints of scarcity. D) underpriced.