Which of the following is not an explanation for structural unemployment?
a. efficiency wages
b. job search
c. minimum-wage laws
d. unions
b
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The schedule of tolls capable of maximizing the net revenue of a bridge owner
A) has no relationship to the cost of constructing the bridge. B) is the highest anyone will pay rather than forgo the opportunity to cross the bridge. C) varies proportionately to the cost of constructing the bridge. D) will be higher than the corresponding tolls for a tunnel, because tunnel construction costs must be sunk rather than elevated.
The market demand function for wheat is Qd = 10 - 2P and the market supply function is Qs = 4P - 2, both measured in billions of bushels per year. Suppose the government wants to increase the price of wheat to $3/bushel and they impose a voluntary production reduction program to achieve their goal. What is the size of the aggregate surplus?
A. $4 billion B. $12 billion C. $10 billion D. $6 billion
A fixed exchange rate system encourages speculators to attack weaker currencies
a. True b. False Indicate whether the statement is true or false
In cardinal utility analysis
A) numbers can be assigned to utility. B) it is recognized that numbers can not be assigned to utility. C) the concept of marginal utility exists while in ordinal utility analysis marginal utility does not exist. D) marginal utility always increases as more of a good is consumed.