In 2017, President Trump signed a major tax cut into law when the economy was:
A. near full employment.
B. experiencing hyperinflation.
C. was in a recession.
D. experiencing zero unemployment.
Answer: A
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When property rights are not well established,
a. private goods become public goods. b. markets fail to allocate resources efficiently. c. the distribution of private goods is unfair. d. government resources are used inefficiently.
Which of the following statements comparing monopoly with competition is correct?
a. A monopolist produces a higher level of output and charges a lower price than a competitive firm would. b. With perfect price discrimination, the total surplus under monopoly can be the same as under competition. c. With or without price discrimination, the consumer surplus under monopoly is at least as large as it would be under competition. d. The deadweight loss associated with monopoly is caused by the positive economic profits of the monopolist; competitive firms do not earn a positive economic profit so there is no deadweight loss under competition.
According to the following graph, at point B,
The consumer's income is $1,200.
A. the consumer will receive more Y for each unit of X exchanged in the market than at point A. B. the rate at which the consumer is willing to substitute X for Y is greater than it is at point A. C. the consumer is willing to give up more Y in order to gain an extra unit of X than at point A. D. both a and b E. all of the above
The labor market is an example of _____ a. the derivatives market.
a. the derivatives market. b. a market in which the natural forces of demand and supply do not operate. c. a market in which there is no scarcity. d. a resource market. e. a product market.