Which of the following establishes international cooperation to prevent international trade from endangering the survival of species?
A. The CITES
B. The Kyoto Protocol
C. The Montreal Protocol
D. The Uruguay Round
Answer: A
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Gross domestic product measures the ________ value of ________ goods and services produced during a ________ time period
A) inherent; market; fixed B) final; intermediate; stable C) intermediate; final; constant D) market; final; given
For a monopsony, the marginal cost of labor curve lies above the labor supply curve because
A) to hire one more unit of labor requires that the wage be raised for all units of labor. B) to hire one more unit of labor requires that the wage be raised for just the last unit of labor hired. C) to hire one more unit of labor, the firm uses its monopsony power to not raise the wage it pays. D) to hire one more unit of labor requires that the firm offer a lower wage.
In the short run, a monopolistically competitive firm
A) always earns positive economic profits. B) never earns positive economic profits. C) can earn positive, negative, or zero economic profits. D) always earns positive accounting profits.
If there are external benefits for good X then which of the following would be true?
a. The socially efficient amount of good X can be achieved if society subsidizes consumers of good X. b. The socially efficient amount of good X does not exist. c. The socially efficient amount of good X can be achieved if society taxes consumers of good X. d. The socially efficient amount of good X will be equivalent to the free market equilibrium quantity.