If the government provides free schooling for all students, an economist would say education is
a. a free good, having no cost.
b. scarce even though its cost is paid by taxpayers rather than by students.
c. an example of a good that is no longer scarce.
d. all of the above.
B
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When a tax is placed on the sellers of cell phones, the size of the cell phone market
a. and the price paid by buyers both increase. b. increases, but the price paid by buyers decreases. c. decreases, but the price paid by buyers increases. d. and the price paid by buyers both decrease.
The invention of the telegraph led to the loss of jobs for those who had delivered mail by horse but created jobs for telegraph operators and delivery persons. This is an example of
a. structural unemployment created by efficiency wages. b. structural unemployment created by sectoral shifts. c. frictional unemployment created by efficiency wages. d. frictional unemployment created by sectoral shifts.