Which of the following is the BEST example of a common resource?
A) a can of Mountain Dew
B) fish in the ocean
C) cable television
D) national defense
B
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If there is currently a surplus of dollars, which of the following would you expect to see in the foreign exchange market?
A) There will be a decrease in the supply of dollars. B) The dollar will depreciate. C) The dollar will appreciate. D) There will be a decrease in the demand for dollars.
Exhibit 30-3 Costs of Eliminating:Firm A Firm B Firm C 1st ton of pollution$ 30 $ 50 $ 600 2nd ton of pollution$ 70 $ 90 $ 700 3rd ton of pollution$125 $150 $ 900 4th ton of pollution$200 $250 $1,300 Refer to Exhibit 30-3. What is the cost to Firm C of eliminating 2 tons of pollution?
A. $1,300 B. $300 C. $1,500 D. $2,200 E. $3,500
A do-it-yourself approach to production is more likely when
a. technology is complex b. inputs are difficult to identify c. resources cannot easily be measured d. the price of inputs is known e. contracts are complex
Which of the following statements best describes income distribution in the United States?
(A) Most people earn the same income. (B) The richest 20 percent of the population has about 20 percent of the national income. (C) The richest 20 percent of the population has a much greater share of income than the poorest 20 percent. (D) The richest 20 percent of the population has slightly more income than the poorest 20 percent.