If children go to school and become productive members of society,
A) a negative externality is created by the schools.
B) a positive externality is created by the schools.
C) no externality is created by the schools.
D) an externality is created that may be positive or negative.
B
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What happens when wages are set by law above the equilibrium level?
a. Firms employ fewer workers than they would at the equilibrium wage. b. Firms employ more workers than they would at the equilibrium wage. c. Firms tend to try to break the law and hire people at the equilibrium level. d. Firms hire more workers but for fewer hours than they would at the equilibrium wage.
Identify the correct statement from the following
a. Good faith bargaining implies the seller will never decrease the price for a particular buyer. b. Distrust is the norm when electricity producers negotiate a deal to exchange power by misrepresenting their costs. c. Poker is the exception where norms do not come into play. d. Good faith bargaining norms vary among different types of transactions.