The supply of workers in a particular occupation could be relatively large if:
A. training costs are low.
B. job features are undesirable.
C. there are few people with the required skills.
D. there are artificial barriers to enter that profession.
Answer: A
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Figure 5-6
A shift in the budget line in Figure 5-6 from AB to AC indicates
A. the price of wine coolers has risen. B. income has increased. C. the price of beer has fallen. D. the price of wine coolers has fallen. E. All of the responses are correct.
Which of the following will decrease the price needed to break even?
a. A decrease in overall fixed but avoidable costs b. A decrease in the marginal costs c. An increase in sunk costs d. Both A&B
The philosopher John Rawls argued that
a. people would choose a more equal distribution of income if they had to determine an economic distribution system before knowing their place in it. b. people would choose income inequality to allow the maximum use of their individual talents. c. government has a role to ensure income equality to prevent social unrest. d. people would choose equal opportunity because it is morally right.
Which of these situations produces the largest profits for oligopolists?
a. The firms reach a Nash equilibrium. b. The firms reach the monopoly outcome. c. The firms reach the competitive outcome. d. The firms produce a quantity of output that lies between the competitive outcome and the monopoly outcome.