micro

The labor ____________ curve(s) will shift _______________ if there is an increase in productivity or an increase in the demand for the final product.

demand; right

___ often have deductibles, which is an amount that the insurance policyholders must pay out of the own pocket___

insurance companies; before the insurer pays its portion of the claim

a ___ is an organization of workers that negotiates with employers as a group over wages and working conditions

labor union

On April 1, 2009, in the middle of a recession, the government of the province of Ontario, Canada increased the provincial minimum wage from $8.75 to $9.50. What will the likely effect of this policy be?

Both the leftward shift in the labor demand curve and the higher minimum wage will lead to an increase in the unemployment rate.

when ___ occurs, the result will be determined by the order in which choices are presented and voted on, not by ___, because every choice is bother preferred to some alternative and also not preferred to another alternative

a voting cycle; a majority rule

___ allows the government to collect wealth for redistribution based on the amount of stored wealth that is being passed on in the form of inheritance

an estate tax

which of the following will not result in a rightward shift of the market supply curved for labor ?

an increase in labor productivity

which of the following will not result in a leftward shift of the market demand curve for labor?

an increase in the wage rate

all but one of the following is a mechanism intended to provide reassurance against imperfect information. which is it?

financial capital markets

an insurance company is likely to believe that having a major accident is a signal of being a __, and thus try to___.

high risk driver; raise this driver's insurance premiums

the problem of __ arises when an antique dealer knows more about the quality of an item then the potential buyer, and as a result the buyer with less knowledge must worry about ending up at a __

imperfect information; disadvantage

Improvements in the productivity of labor will tend to:

increase in wages

in the US, comparisons of high and low incomes raise issues of economic

inequality and poverty

Other things being equal, a __________ supply of workers tends to __________ real wages.

larger; decrease

___ occurs when a group of legislators all agree to vote for a package of otherwise unrelated laws that they individually favor

logrolling

when people have insurance against a certain event, the notion that those people are less likely to guard against that event occurring is called a

moral hazard

The theory of __________________ holds that people won't bother incurring the costs of becoming informed and voting, because they know that their vote ___________________________________________.

rational ignorance; won't be decisive in the election

_____ are numerically small, but well organized groups that are able to exert a disproportionate effect on political outcomes

special interest groups

If buyers become reluctant to purchase high-quality goods because they can't be confident of purchasing a high-quality product, then

the equilibrium price and quantity will be adversely affected by a thin market.

___ is a particular type of spending that mainly benefits a single political district

pork barrel spending

Antipoverty programs that are set up so that the amount of government benefits will decline substantially as poor people earn more income typically create ______________.

poverty trap