Which of the following is typically a result of government licensing requirements?
A. Wages in the licensed occupation fall.
B. People in the industry begin to work longer hours and receive lower benefits.
C. The number of people working in the industry increases.
D. Competition in the licensed occupation is reduced.
Answer: D
You might also like to view...
Part of the decrease in real wages during the Civil War was due to deteriorating productivity because of ___
a. the inability of firms to replace machinery b. the need to use inexperienced workers c. the decline in coal production d. excessive days lost due to strikes
The Stackelberg outcome differs from the Cournot equilibrium because:
a. the games involve different strategic variables. b. the first mover can commit to an output off its best-response function. c. quantity supplied is not equal to quantity demanded at the prevailing price. d. it's not a perfectly competitive outcome.
The time it takes for the Fed's purchase of government securities to ultimately change aggregate demand is called the _____
a. recognition lag b. implementation lag c. effectiveness lag d. decision-making lag e. self-correction lag
Some nations benefit absolutely from abandoning their monetary policy and control of their currency because:
A) their monetary policy permitted high inflation under pressure from political interests that would not be present under a common currency arrangement. B) they did not have sufficient currency in their own nation to support a higher GDP. C) they had a strong currency, which hurt their exports. D) the central bank would keep the money supply under tight control, which is not good for economic expansion and jobs.