If there is a technology improvement in a unionized labor market, this will
a. decrease the demand for labor, and the union will accept lower wages or fewer workers hired
b. increase the demand for labor, and the union will accept lower wages or fewer workers hired
c. decrease the demand for labor, and the union will demand higher wages or more workers hired
d. increase the demand for labor, and the union will demand higher wages or more workers hired
e. not affect the demand for labor, wages, or workers hired
D
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By approximately how much would the federal government have to raise each worker's annual taxes to eliminate the current federal budget deficit?
A) between $50 and $100 per year B) about $50,000 per year C) between $50,000 and $100,000 per year D) about $4,000 per year
If the government establishes a price floor for agricultural products, then
A) consumers will pay a lower price for the products. B) consumers will increase the quantity that they are willing to consume. C) farmers will want to decrease their production. D) the government will need to purchase the resulting surplus. E) all of the above
The principle of marginal decision-making manifests itself in medical markets in many ways. Which of the following statements is not true?
a. It was unnecessary to mandate coverage of routine preventive screening with zero out-of-pocket cost because most people already received that benefit. b. Balancing incremental benefits with incremental costs is essential for optimal resource allocation. c. Insurance coverage allows patients to ignore many of the trade-offs that usually go along with consuming scarce resources. d. Generous insurance coverage with low out-of-pocket costs leads to patients undervaluing the cost the resources used to provide their care - leading to overconsumption.
A market in which the entire demand for a good or service can be satisfied at the least cost by a single firm is a:
A. horizontal market. B. natural monopoly. C. contestable market. D. perfect market.