If the U.S. system of unemployment insurance did not exist, one would predict that
A. workers would never become unemployed.
B. workers in jobs that face seasonal cycles of unemployment would be paid higher wages.
C. no worker would accept a job that is associated with seasonal unemployment.
D. workers who became unemployed would remain unemployed for longer durations.
E. seasonal unemployment would cease to exist.
Answer: B
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The figure above shows a natural monopoly that the government must regulate. Which of the following pairs most likely results in similar outcomes?
A) marginal cost pricing and rate of return regulation B) marginal cost pricing and a two-part tariff C) average cost pricing and rate of return regulation D) predatory pricing and price caps E) marginal cost pricing and price cap regulation
In the definition of GDP, "market value" refers to
A) valuing production in production units. B) not counting intermediate products. C) valuing production according to the market price. D) when the production took place.
If there are four goods in a barter economy, then one needs to know ________ prices in order to exchange one good for another
A) 8 B) 6 C) 5 D) 4
Suppose the president of a college argues that a 25 percent tuition increase will raise revenues for the college. It can be concluded that the president thinks that demand to attend this college is:
A. elastic. B. inelastic, but not perfectly inelastic. C. unitary elastic. D. perfectly elastic.