Refer to the diagram below illustrating the market for corn. If the price in this market is fixed at $2 per bushel, then:
A. Sellers will not be able to sell all the corn that they intended to sell
B. Sellers will quickly run out of corn that they bring to market
C. Buyers will find too much corn in the market
D. Buyers will be able to get as much corn as they wish to buy
Answer: B
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All of the following are possible explanations for the fact that on average women earn lower wages than men in the United States except:
A. women are more productive than men on average. B. women enter and leave the labor force more frequently than men, causing them on average to have less experience and a lower productivity than men. C. women choose to work in low-wage industries. D. women are discriminated against in labor markets.
Answer the following statement(s) true (T) or false (F)
1. Social Security involves cash transfer payments. 2. The United States spends a higher portion of GDP on healthcare than any other industrialized nation. 3. The demand for healthcare has deceased over the past several decades. 4. The demand for healthcare is fairly inelastic. 5. Third-party payments act as an incentive for patients and physicians to minimize heath care costs.
Some years ago, Stuyvesant Town and Peter Cooper Village in Manhattan were sold for redevelopment. These villages had been rent controlled, but now that these neighborhoods are no longer rent controlled, one would expect the:
A. houses to be not as well maintained since rent will be so high. B. rent to rise in those neighborhoods. C. housing shortage in the neighborhood to worsen. D. quantity of rentals demanded to rise.
An emission charge is
A. An attempt to change consumers' behavior by direct government intervention. B. A fee imposed on polluters based on the quantity of pollution they generate. C. A subsidy to the consumers who are hurt by pollution. D. A charge on consumers who buy goods made by firms that pollute.