The own price elasticity of demand for apples is ?1.2. If the price of apples falls by 5 percent, what will happen to the quantity of apples demanded?
A. It will increase 6 percent.
B. It will fall 4.3 percent.
C. It will increase 5 percent.
D. It will increase 4.2 percent.
Answer: A
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For some fisheries in the U.S., the state or federal government imposes "gear restrictions" that limit the size of boats, nets, or other equipment that may be used to harvest the fish in a given body of water
The purpose of the gear restrictions is to: A) prevent everyone from using the common property resource (fish). B) make it harder for other members of society to harvest the resource. This reduces the opportunity cost of the resource for other members of society, and the marginal social cost is closer to the private cost. C) increase the private cost of using the resource so that the private cost is closer to the marginal social cost. D) maintain traditional ways of harvesting fish, which is valuable for promoting tourism.
One of the least regulated common resources today is
a. state parks. b. the ocean. c. forest preserves. d. the Great Lakes.
In economics, the term capital refers only to some form of money.
Answer the following statement true (T) or false (F)
If the real wage rate decreases from $14.00 per hour to $13.00 per hour, the
A) demand for labor increases. B) quantity demanded of labor increases. C) quantity supplied of labor increases. D) equilibrium quantity of employment must decrease. E) supply of labor increases.