A Country Has No Welfare Program

question 1

Multiple Choice

A country has no welfare program. Then it introduces the following program: every one gets $4000 if they work more than 1000 hours a year (on top of what they earn) . The effect of this event will be to ________ the labor force participation and the effect of this event on those were working more than 1000 hours will be to ________ hours of work.

• A) increase, increase
• B) decrease, increase
• C) increase, decrease
• D) decrease, decrease

Understand the effects of positive externalities on the level of production and consumption in the absence of government intervention.

Understand the characteristics of monopolistic competition, including product differentiation and market entry/exit conditions.

Differentiate between monopolistic competition and other market structures such as perfect competition, monopoly, and oligopoly.

Recognize the implications of the downward-sloping demand curve for firms in monopolistically competitive markets.

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Definitions:

Dark Red Blood

Indicates oxygen-depleted blood, often associated with venous blood or certain conditions causing altered blood coloration.

Spurts

Sudden and rapid bursts of growth, energy, activity, or the flow of a liquid.

Postmortem Examination

A postmortem examination, also known as an autopsy, is a detailed medical examination of a body after death to determine the cause and manner of death and to evaluate any disease or injury that may be present.

Coroner

An official who investigates a sudden, suspicious, or violent death to determine the cause. In some communities, this position has been replaced by the medical examiner.