The demand curve faced by the monopolist
A) is perfectly elastic.
B) is perfectly inelastic.
C) slopes downward.
D) slopes upward.
Answer: C
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A decrease in government spending would
a. lower the interest rate, which is unlikely to influence private investment spending b. raise the interest rate and decrease private investment spending c. lower the interest rate and decrease private investment spending d. raise the interest rate and increase private investment spending e. lower the interest rate and increase private investment spending
Which of the following can be considered an example of cyclical unemployment?
a. A recent graduate searching for his first job b. A ski instructor looking for a part-time job during the summer c. An engineer looking for a new job after losing his job during a recession d. A typist looking for a new job as his skills are not needed in the current labor market
Adam Smith's invisible hand only leads to an efficient outcome when
A. buyers have more information about the product being traded than do sellers. B. buyers collect information up to the point at which the marginal cost of having more information equals the marginal benefit of having more information. C. buyers have less information about the product being traded than do sellers. D. buyers are fully informed about all relevant aspects of a product and the market in which it is traded.
Figure 33.3 illustrates Lorenz curves for four different economies. For which economy would the lowest 20 percent of families receive the smallest share of total income?
A. A. B. B. C. C. D. D.