If real GDP falls from one period to another, we can conclude that:
A. deflation occurred.
B. inflation occurred.
C. nominal GDP fell.
D. None of these necessarily occurred.
D. None of these necessarily occurred.
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A ________ is an exclusive right granted by the government to an author's intellectual property
A) patent B) blueprint C) copyright D) trademark
Which of the following is NOT a wage or employment strategy that a union would follow?
A) Set a maximum wage rate such that a shortage of workers will result. B) Set a wage rate such that all workers that want to find a job can find a job. C) Set a wage rate that will maximize the income of its members. D) Set a wage rate that will maximize the income of only some of its members.
Empirically measuring the marginal social benefit of pollution is ________ and empirically measuring the marginal social cost of pollution is ________.
A. difficult; relatively easy B. relatively easy; difficult C. difficult; difficult D. relatively easy; relatively easy
Welfare support creates a moral hazard by
A. Solving the equity and efficiency conflict. B. Reducing the need to work. C. Encouraging workfare. D. Encouraging individuals to help themselves.