The fish in the ocean are
a. allocated efficiently because there are no limitations on entry into the ocean fisheries business.
b. scarce, but only because of the highly restrictive regulations imposed by various nations.
c. a commonly owned, open access resource and therefore they are often over-exploited.
d. privately owned and therefore they are allocated efficiently.
C
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According to the scenario above, in which of the following groups are all the people frictionally unemployed?
A) Rita and Darrelo B) Chris, Rita, and Thorton C) Rita and Jung D) Darrelo and Jung E) Jung
The interpretation of the slope coefficient in the model Yi = β0 + β1 ln(Xi) + ui is as follows:
A) a 1% change in X is associated with a β1 % change in Y. B) a 1% change in X is associated with a change in Y of 0.01 β1. C) a change in X by one unit is associated with a β1 100% change in Y. D) a change in X by one unit is associated with a β1 change in Y.
Assume that the home construction industry is perfectly competitive and is in long-run competitive equilibrium. It follows that:
A. firms in the industry enjoy economic profits. B. marginal cost exceeds long-run average total cost. C. marginal cost equals long-run average total cost. D. there will be incentive for new firms to enter the industry.
Suppose George's income is $10,000 and he pays a tax of $1,000, but Laura's income is $50,000 and she pays a tax of $4,000. Such a tax is:
A. regressive. B. progressive. C. proportional. D. flat.