When the rent is not permitted to allocate scarce housing, ______.
Fill in the blank(s) with the appropriate word(s).
Neither a lottery nor a first-come, first-served is a fair allocation method.
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Suppose the U.S. government encouraged new medical school graduates to take over existing practices from doctors wishing to retire by paying both the new and retiring doctors $100,000. These doctors would be exemplifying the economic idea that
A) people are rational. B) people respond to economic incentives. C) optimal decisions are made at the margin. D) equity is more important than efficiency.
Many developing countries make the government budget one of the primary tools of long-run industrial development, with the government owning and operating industries such as steel mills, airlines, and phone companies
Indicate whether the statement is true or false
Assume that the market demand for a good is p = 100 - Q. Assume that the marginal product of labor is 1 and the firm can get all the labor it needs at a wage equal to 5
Compare the quantity of labor hired if the output market is competitive with the quantity hired if the output market is a monopoly.
In the United States today, economists estimate that the natural rate of unemployment is between ________ and ________ percent.
A. 3; 5.5 B. 3; 4 C. 5; 6.5 D. 6.5; 7.5