Which of the following is not money?
a. Checks
b. Coins
c. Federal reserve notes
d. Debit cards
e. Credit cards
e
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To achieve the optimal provision of public goods, the
a. market should be allowed to arrive at an equilibrium without government intervention. b. government must limit the provision of the goods. c. government must tax producers of the goods. d. government must either provide the goods or subsidize their production.
Which of the following is not correct?
a. Critics argue that minimum-wage laws hurt the very people they are intended to help. b. Minimum-wage laws may increase unemployment among the groups of workers affected by the minimum wage. c. If the demand for unskilled labor is relatively inelastic, the higher wage will produce more unemployment than if the demand for unskilled labor is relatively elastic. d. Minimum-wage laws may benefit teenagers from middle-class families, so the policy is not a precise way to help the poor.
Which of the following is a characteristic of a market economy?
A. Government ownership of the means of production B. Private property C. Distribution according to need D. Tradition determines the what, how, and for whom decisions
Which of the following is a normative economic statement?
A) Rising global demand for diesel and heating oil has led to increases in the price of crude oil. B) With falling home prices and rising mortgage interest rates, the amount of foreclosures has increased. C) The federal government is considering raising the gasoline tax to promote the use of public transportation. D) Fashion designers should be allowed to copyright designs to promote innovation.