Suppose the government designates certain areas within a community to be "wetlands," making it illegal to build on the land. What happens to land not classified as "wetlands" within the community? (i) The price of non-wetland land will rise. (ii) The marginal product of non-wetland land will fall. (iii) The marginal product of non-wetland land will rise
a. (i) and (ii) only
b. (ii) only
c. (i) and (iii) only
d. (iii) only
c
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There is a tremendous range in productive performance around the world
a. True b. False
Which of the following is always wrong, regardless of what other information may be given to you?
a. Hiring a worker when her marginal physical product is decreasing. b. Hiring a worker when her marginal physical product is positive. c. Hiring a worker when her marginal physical product is increasing. d. Hiring a worker when her marginal physical product is negative. e. Hiring a worker when her MRP > W.
With capitalism, the allocation of goods and resources is determined by
a. market forces b. centralized planning c. government policy d. traditional customs
Advertisers currently spend about $100 million per year to change the demand for products.
Answer the following statement true (T) or false (F)