Which of the following is not a characteristic of capitalism?
a. Private ownership of resources.
b. Decentralized decision-making using markets.
c. Representative democracy.
d. Consumer sovereignty.
c
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Assume the economy is at full employment. Which of the following would you expect if oil prices suddenly decreased?
a. A recession b. A decrease in employment below its full-employment level c. An economic contraction d. A technological breakthrough e. An increase in employment above its full-employment level
Who would be more likely to study the effects of rent control on housing in New York City, a macroeconomist or a microeconomist?
In general, pollution exists if
A. there are poorly defined common property rights. B. profit-making activity is taken to an extreme. C. people are unconcerned about the hazards associated with pollution. D. there are poorly defined private property rights.
Refer to the information provided in Figure 7.11 below to answer the question(s) that follow. 
Figure 7.11
Refer to Figure 7.11. If the firm's cost of capital is $15 per unit and its cost of labor is $30 per unit, the isocost line represents a total cost of
A. $2,000. B. $3,000. C. $6,000. D. $8,000.