The market structures known for underproduction of goods are ______ and ______.
a. collusive oligopoly and perfect competition
b. game theory and monopoly
c. collusive oligopoly and monopoly
d. cartels and perfect competition
c. collusive oligopoly and monopoly
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You have two options for how to spend the afternoon. You can either go see a movie with your roommate or work as a tutor for the Math Department. From experience, you know that going to see a movie gives you $20 worth of enjoyment, and with your student discount, a movie ticket only costs $12. If you spend the afternoon working as a math tutor, you will get paid $45. On a typical day, you wouldn't be willing to spend the afternoon working as a math tutor for less than $35. Should you go see a movie or work as a math tutor?
A. You should work as a math tutor. B. You should do neither C. You should go to the movies. D. Both options are equally good.
For a given nominal exchange rate and foreign price level, an increase in the domestic price level ________ the real exchange rate.
A. offsets any change in B. increases C. may either increase or decrease D. decreases
In the determination of economic growth, political freedom
A) is equally as important as economic freedom. B) contributes little to job growth. C) appears to be less important than economic freedom. D) is more important than economic freedom.
The effect of licensing requirements for an occupation is to
a. shift the demand curve for the occupation to the left, causing wage rates to fall. b. shift the supply curve for the occupation to the left, causing the wage rate to rise. c. shift the supply curve for the occupation to the right, causing the wage rate to fall. d. shift the demand curve for the occupation to the right, causing the wage rate to rise.