Great Basin National Park, the only national park wholly within the borders of Nevada, occupies 77,180 acres and contains 42 known caves. About 90,000 people visit the park each year. It has 25 permanent staff who, with the seasonal staff, collect $280,00 in fees a year, mostly for the 2,400 cave tours. The park also has about 80 volunteers who contribute 9,400 hours of work a year. Because the park surveys for springs in the 25 watersheds, the park service does not burn any acreage, which is part of standard maintenance in some parks.Some of the data are flow measurements and some are stock measurements. An example of a flow measurement is:
A. caves in the park.
B. staff positions in the park.
C. cave tours given.
D. acres in the park.
Answer: C
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In a market economy, decisions about what to produce are made primarily by
a. the government. b. individuals and firms. c. firms in consultation with the government. d. a central planning committee.
What is the name of the least amount that legally may be paid to most workers for an hour of work?
a. equilibrium price b. supply cost c. price floor d. minimum wage
In the extreme case of a perfectly contestable market:
A. profits will be the same as monopoly profits. B. profits will be the same as cartel profits. C. profits will be the same as duopoly profits. D. profits will be zero.
Firms that are "breaking even" are
A. earning zero economic profits. B. shutting down in the short run. C. earning less than a normal rate of return. D. All of the above are correct.