The financial crisis of 2007-2009 worsened after the failure of which firm?
A) General Motors
B) Lehman Brothers
C) Bear Stearns
D) American International Group (AIG)
B
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Using calculations of the cost to Americans per job saved in protected industries, it can be concluded that
A) import quotas are an efficient way to redistribute income. B) each job saved is worth more than the cost imposed on consumers per job saved. C) each job saved is worth less than the cost imposed on consumers per job saved. D) tariffs are an efficient way to redistribute income to disadvantaged groups.
In the Golden Rule steady state, the marginal product of capital is equal to the
A) savings rate plus the population growth rate. B) population growth rate plus the depreciation rate. C) depreciation rate plus the savings rate. D) savings rate divided by the marginal product of labor.
When the free market produces less than the socially optimal quantity of a good,
a. negative externalities must be present b. marginal social cost must exceed marginal private cost c. marginal private benefit must exceed marginal social benefit d. the government should tax production of the good e. there has been a market failure
Assuming that labor is the only variable input, if society values a good ________ it costs firms to hire the workers to produce that good, the good ________ be produced.
A. equal to what; will not B. more than; will not C. more than; will D. less than; will