The U.S. lowered tariffs in the 1850s because of a budget surplus
Indicate whether the statement is true or false
True
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Adverse selection is a situation in which
a. only men are hired for particular jobs b. comparable worth laws actually reduce the number of women in certain professions c. people who use illegal drugs apply for jobs where employers do not use drug testing d. employers have a better knowledge of the productivity of labor suppliers than do the labor suppliers e. employers attempt to quantify the productivity of their workers
The more inelastic the supply of a particular resource:
a. the higher are its transfer earnings. b. the higher is its economic rent. c. the higher are its total earnings. d. the higher is the elasticity of demand for the resource. e. the lower is the elasticity of demand for the resource.
The problem with using a basic needs measure of poverty is that
a. the median income changes b. what we think of as basic needs now differs from what basic needs were 20 years ago c. we don't know how to measure basic needs d. basic needs is a relative concept of poverty e. population changes
How does a subsidy influence producer efficiency?
a. It encourages producers to produce above the efficient production level. b. It encourages producers to produce at peak efficiency levels. c. It encourages producers to produce below the efficient production level. d. It encourages producers to produce only after the subsidy funds are used up.