Prisoners in World War II POW camps traded products for other products, a process referred to as
A) central planning. B) advantage exchange.
C) barter. D) rationing.
C
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According to the above table, if the minimum wage is set at $20 per hour, then
A) the quantity of labor demanded will increase until it is equal to the quantity of labor supplied. B) there is an excess demand for labor. C) the labor demand curve will shift until $20 is the new equilibrium real wage rate. D) the quantity of labor supplied exceeds the quantity of labor demanded by 50 million hours per month. E) the labor supply curve will shift until $20 is the new equilibrium real wage rate.
The Coase theorem is the proposition that if property rights exist and are enforced, private transactions are
A) inefficient. B) efficient. C) inequitable. D) illegal. E) unnecessary.
Which of the following statements would Milton Friedman disagree with?
A) Monetary policy has few short-run effects on the real economy. B) In the long run, changes in the money supply primarily affect the price level. C) In practice, there is little scope for using monetary policy actively to smooth out business cycles. D) The Federal Reserve cannot be relied on to effectively smooth out business cycles.
Why can superstar athletes and movie stars earn multimillion dollar salaries but superstar electricians and professors cannot?
a. Every customer in the market wants to enjoy the good supplied by the best producer. b. Technology makes it possible for the best producer to supply every customer at low cost. c. Customers are willing to pay more for entertainment than other services. d. Both a and b are correct.