Suppose the price of cement goes up in the United States. What happens in the market for new homes?
A) Supply shifts upward and to the left.
B) Demand shifts left.
C) Supply shifts downward and to the right.
D) Demand shifts to the right.
A
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Under the U.S. General Mining Act of 1872
a. Corporations must pay high royalties for mineral exploitation rights b. All mineral reserves belong to the U.S. Government c. Mineral resource conservation is encouraged d. Royalties for mineral exploitation rights are very low e. Taxes are imposed on the use of primary resources
Total benefits in the table are:Control variableTotal BenefitsTotal CostsNet BenefitsMarginal BenefitMarginal CostMarginal Net BenefitQB(Q)C(Q)N(Q)MB(Q)MC(Q)MNB(Q)0000---190010080090010080021,700300C80020060032,4006001,800700E4004A1,0002,00060040020053,5001,5002,000500500F63,9002,1001,800D600-20074,2002,8001,400300700-40084,400B800200800-60094,5004,5000100900-800104,5005,500-1,00001,000-1,000
A. decreasing at an increasing rate. B. decreasing at a constant rate. C. increasing at a decreasing rate. D. increasing at a constant rate.
Your neighbor has just planted some fragrant flowers. The wonderful scent drifts into your room and makes you happy
A) This scent is an internal cost to you. B) This cannot be an externality since you are enjoying the scent. C) This is an externality since you get a benefit from your neighbor's flowers. D) The social cost of this activity is entirely borne by you neighbor.
The division of labor and specialization explain
A) why, when the marginal product of labor increases, so does the average product of labor. B) why the average product of labor falls when firms use more capital or change the layout of their businesses. C) why the marginal product of labor rises as a firm hires its first units of labor. D) why firms may find it profitable to use more workers when the marginal product of labor is negative.