If the stock of capital of a nation is ________ while the population ________, the nation can produce more output, but output per worker falls
A) fixed; remains stable B) fixed; decreases
C) declining; decreases D) fixed; increases
D
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The response in quantity demanded to a price increase in subway rides:
A. will be more elastic in six weeks than in six months. B. will be less elastic in six weeks than in six months. C. will be the same over that time period. D. is unpredictable without more information.
LeBron James went right from high school to the NBA because he had a low opportunity cost of attending college
a. True b. False
Economists assume that early in the process of cleaning a dirty environment, there are relatively
A. low benefit-low cost things than can and should be done first. B. high benefit-low cost things than can and should be done first. C. low benefit-high cost things than can and should be done first. D. high benefit-high cost things than can and should be done first.
Policymakers who wish to discourage businesses that pollute by taxing them:
A. should place a tax on consumers instead of the producers in order to increase the burden on sellers. B. should place a tax on producers instead of the consumers in order to increase the burden on sellers. C. forget that some of the tax burden will be shared by consumers. D. forget that businesses will pass the entire tax onto consumers of their products.