A weakness in the ________ study entitled The Limits to Growth is that it did not account for technological change.
A. the Club of Rome's
B. the Fed's
C. the European Union's
D. the World Bank's
Answer: A
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Which of the following leads to the demanders paying all of a tax?
A) The supply is unit elastic. B) The supply is perfectly inelastic. C) The demand is perfectly elastic. D) The demand is perfectly inelastic.
Estimates of gross domestic product (GDP) are revised:
A. quickly and often. B. each month. C. only in the following quarter. D. for many years after the fact.
In the U.S. Steel case of 1920, the courts held that:
the structure of an industry is more important than its behavior in determining violations of the antitrust laws. B. any firm that faces substantial import competition is exempt from the antitrust laws. C. although U.S. Steel possessed monopoly power, it had not violated the Sherman Act because it had not unreasonably used that power. D. the fact that U.S. Steel possessed monopoly power was a violation of the Sherman Act.
Firm A is a monopsonist that faces a labor supply elasticity of 2.4 whereas Firm B is a monopsonist that faces a labor supply elasticity of 1.4. Which of these monopsonists has a higher markup over wage?
A) Firm A B) Firm B C) They both pay the same. D) It is impossible to tell which pays a higher wage.