Which of the following is considered a nonrenewable natural resource?
A. Solar power.
B. Coal.
C. Oceans.
D. Aquifers.
Answer: B
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If leisure is a normal good for a worker, and the income effect of a wage change dominates the substitution effect, then if wages increase:
a. there will be a decrease in the quantity of labor supplied by the worker. b. there will be an increase in the quantity of labor supplied by the worker. c. there will be no change in the quantity of labor supplied by the worker. d. the worker's individual supply curve will shift to the left.
Which statement best describes what will happen if a poor country with little capital and a rich country with a lot of capital each add a single unit of capital?
a. The rich country will experience a relatively large increase in production, while the poor country will experience a relatively small increase in production. b. The poor country will experience a relatively large increase in production, while the rich country will experience a relatively small increase in production. c. The poor country will experience a relatively small increase in production, and the rich country will experience a relatively small increase in production. d. The poor country will experience a relatively large increase in production, and the rich country will experience a relatively large increase in production.
As buyers consume more units of a good, their marginal willingness to pay ______.
a. decreases b. increases c. remains constant d. becomes erratic
If we say that two variables are inversely related, this means that:
A. the two graph as an upsloping line. B. an increase in one variable is associated with a decrease in the other. C. an increase in one variable is associated with an increase in the other. D. the resulting relationship can be portrayed by a straight line parallel to the horizontal axis.