In reality, prices of non-renewable resources have not increased continually according to the model developed in Section 16.3 because of
A) abundance of the resource.
B) technological progress changing marginal cost.
C) changing market power of producers.
D) All of the above.
D
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Which of the following is most likely to be a variable cost in the short run?
a. A fee paid to obtain a license. b. The cost of owning machinery. c. The energy costs of running a factory. d. Rent payments for office space.
Indentured servitude was first used to promote immigration in
a. Jamestown in 1618. b. Plymouth Colony in 1623. c. New York in 1630. d. Rhode Island Colony in 1652.
A helpful way to put government revenues into context is to think about it:
A. as an average amount paid per taxpayer. B. as a percentage of the country's GDP. C. by comparing the percentage of a country's GDP collected in taxes to other countries' percentage of GDP. D. All of these approaches can be helpful in understanding tax revenues.
Which of the following contributes to the projected rise in government spending on Social Security and Medicare as a percentage of GDP?
a. increasing life expectancies b. increasing healthcare costs c. increasing fertility rates d. Both a and b are correct.