Each of these is a basic characteristic of a capitalist economy, except
A. the institution of private property.
B. central planning.
C. laissez-faire.
D. individuals acting in their own self-interest.
B. central planning.
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Suppose a firm hires labor in a competitive labor market. When will hiring more labor increase the firm's profit?
a. When the marginal revenue product of labor exceeds the wage rate. b. When the marginal product of labor is positive. c. When the marginal labor cost is falling. d. When the wage rate is less than the firm's marginal cost of production.
Incremental costs
a. are the total costs of abatement and regulation linked to environmental policy b. include only explicit costs c. refer to the change in costs associated with an environmental policy initiative d. include only implicit costs
Which of the following products would be most difficult to resell?
a. Girl Scout cookies b. suitcases c. automobiles d. pencils e. medical exams
Realists and economic structuralists contend that the composition of the UN Security Council is an example of which major problem in international law?
a. how laws are ultimately interpreted by the council b. how agreements are made in the first place c. how undesirable norms and values are spread d. how weak or corrupt states are empowered