The European Union can impose fines of up to ________ percent of the guilty firm;s worldwide total revenue.
A) 100 B) 5 C) 10 D) 25
C) 10
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If Ernie's individual labor supply curve is upward sloping, then Ernie responds to an increase in the
a. wage by working more hours per week. b. opportunity cost of leisure by working fewer hours per week. c. opportunity cost of leisure by taking more hours of leisure per week. d. Both a and b are correct.
Attaining higher and higher levels of air cleanliness causes
A) additional costs to rise to increasingly high levels.
B) larger and larger increases in per capita incomes.
C) additional costs to fall to lower and lower levels.
D) larger and larger marginal benefits to society.
The change in the total utility as a result of increasing consumption by one unit is known as
A) marginal utility. B) average utility. C) proportional utility. D) utils.
Which of the following factors has greatly facilitated international trade since World War II?
A. Increased nontariff barriers B. Increased import quotas C. Improved transportation D. Expanded export subsidies