An individual who works for 49 quarters in a covered job is eligible for Social Security benefits
a. True b. False
a
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In an Israeli factory, each worker can produce 2/5 of a shirt in an hour or 1/4 of a pair of pants in an hour. If there are 500 workers in the factory, then the maximum number of pairs of pants that can be made in an hour is
a. 120 b. 250 c. 75 d. 350 e. 300
All of the following are government imposed quantity restrictions except
A) A ban on a good making it illegal to own the good B) Import quotas C) Licensing certain activities D) Rent controls
According to contestable market theory:
A. barriers to entry are much less important than market structure in determining the degree of price competition in an industry. B. barriers to entry and market structure are both important in determining the degree of price competition in an industry. C. barriers to entry are much more important than market structure in determining the degree of price competition in an industry. D. neither barriers to entry nor market structure affects the degree of price competition in an industry.
Substitution effect
What will be an ideal response?