Broadly speaking, Social Security redistributes incomes from high-to low-income individuals, from men to women, and from young to old.
A. True
B. False
C. Uncertain
A. True
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Suppose that each worker must use only one shovel to dig a trench, and shovels are useless by themselves. In the long run, the firm will experience
A) increasing returns to scale. B) constant returns to scale. C) decreasing returns to scale. D) The returns to scale cannot be determined from the information provided.
What will happen when there is a rightward shift in the demand curve?
A) The product price will instantaneously adjust downward. B) Product prices do not change in this situation. C) Producers will decrease the product price. D) A new, higher price is not instantaneously achieved, but the price will rise over time.
Under the Lanham Act, in concert with the Clayton Act:
A. people harmed by deceptive advertising can sue the firm and receive compensation. B. rival firms are not eligible to sue another firm for false advertising. C. rival firms are not eligible to sue another firm for false advertising and people harmed by deceptive advertising can sue the firm and receive compensation. D. government will sue a firm for false advertising.
If all the return to a resource is economic rent, we know that
A) the price of the resource is below its opportunity cost. B) the price of the resource equals its opportunity cost. C) the price of the resource is above its opportunity cost. D) the resource has no opportunity cost.