Economic progress comes primarily through
a. imposition of trade barriers.
b. entrepreneurial action directed by competitive markets.
c. government investment in heavy industry.
d. central planning.
b. entrepreneurial action directed by competitive markets.
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Jon is risk averse. When he buys insurance against all risks, then
A) he knows his wealth with certainty. B) his utility exceeds his expected utility. C) his wealth exceeds his expected wealth. D) all of the above.
What is the transitional gains trap? In New York, in order to be legal a cab driver must have a medallion (i.e., a license) to operate
With respect to New York cab drivers who, if anyone, received transitional gains? What if the medallion program were ended tomorrow. Who would be harmed?
The federal agency that monitors and regulates the stock market is the
a. Chicago Mercantile Exchange. b. Securities and Exchange Commission. c. Department of Justice. d. Federal Trade Commission.
Answer the following statements true (T) or false (F)
1) Economic models of illegal immigration suggest that domestic-born workers avoid certain types of work more because the inflow of immigrants has reduced wages, rather than because the work is unpleasant. 2) Removing all illegal immigrants would expand domestic-born employment by an amount equal to the number of illegal immigrants removed. 3) Illegal immigration helps improve the standard of living for U.S. citizens by keeping prices lower. 4) Illegal immigrants overall contribute more in taxes than they receive in services from state and local governments.