Education vouchers have the advantage that they retain ______ but still allow _____
a. government financing; parents to choose
b. government production; considerable government control
c. government production; parents to choose
d. government financing; considerable government control
a
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The rail system in Metropolis is a natural monopoly. If the government regulates the system by setting the fare equal to marginal cost, which of the following will be true?
a. The managers of the rail system will be allowed to adjust marginal cost so that they can get a normal rate of return on capital. b. The managers of the rail system will be allowed to adjust marginal cost so that they can get a fair profit. c. The rail system will earn economic profit at that fare. d. If the government doesn't give the rail system a subsidy to supplement revenue from fares, the system will face continuous economic losses. e. If the government doesn't give the rail system a subsidy to supplement revenue from fares, fare increases will push marginal cost upward.
A war destroys much of the capital stock in the country of Omega. As a result, holding other factors constant, the real wage in Omega will ________ and employment in Omega will ________.
A. increase; increase B. increase; decrease C. decrease; decrease D. increase; not change