The United States generally has a comparative advantage in the development of technology because it has:
A. large amounts of natural resources.
B. patent laws, which no other country has.
C. a disproportionate share of the world's best research universities.
D. the greatest need for new technology.
Answer: C
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Which of the following is not true of all indifference curves?
A) they slope downward B) the point at which one indifference curve intersects another represents an optimal consumption basket C) they are bowed toward the origin D) they can intersect with a budget constraint one or more times
An effluent fee is imposed on a steel firm to reduce the amount of waste materials that it dumps in a river. Use the following two statements to answer this question:
I. The more easily factors of production can be substituted for one another (for example, capital can be used to reduce waste water), the more effective the fee will be in reducing effluent. II. The greater the degree of substitution of capital for waste water, the less the firm will have to pay in effluent fees. A) Both I and II are true. B) I is true, and II is false. C) I is false, and II is true. D) Both I and II are false.
In a game of bargaining, the player who is willing to:
A. make the first move has more bargaining power and so receives a better payoff. B. hold out longer has more bargaining power and so receives a better payoff. C. be cooperative has more bargaining power and so receives a worse payoff. D. hold out longer has more bargaining power and so receives a worse payoff.
On average, collective bargaining increases wages
a. true b. false