If a candidate for political office was espousing a "pro-growth" agenda and was focused on decreasing government regulations, this would have its greatest impact on growth through which source?
A. An increase in the productivity of workers
B. An increase in economic freedom
C. An increase in the number of workers
D. None of these
Answer: B
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Which of the following statements is true of minimum wages?
A) Minimum wages are sometimes referred to as wage ceilings. B) No state in the U.S. economy has ever enforced a minimum wage. C) Minimum wages are normally set above the labor market clearing wage rate. D) Minimum wages benefit firms and producers.
Only one of the following statements is correct. The statements compare perfectly competitive (PC) markets and monopolistically competitive (MC) markets. Which statement is correct?
A) Productive efficiency is achieved in both PC and MC markets. Allocative efficiency is achieved only in MC markets. B) Allocative efficiency is achieved only in PC markets. Productive efficiency is achieved only in MC markets. C) Productive efficiency and allocative efficiency are both achieved in PC markets. Neither is achieved in MC markets. D) Allocative efficiency is achieved in both PC and MC markets. Productive efficiency is achieved only in PC markets.