Forests in the United States have, in recent decades,
a. expanded substantially in the amount of wood grown.
b. been steadily declining in acreage and in wood produced.
c. been cut and cleared at a faster and faster rate.
d. shown no trend in growth or shrinkage.
A
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When a monopsony coal mining firm has control over employment in the rich coal fields of Harlan County, Kentucky,
a. it will pay its workers the market equilibrium wage b. workers will work for the firm that pays the higher wage rate c. coal buyers will continue to buy coal from other counties d. coal miners will only have one employment option e. wages will be determined only by the demand for labor
Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfare is $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1,400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfare is $450. If you do not use the frequent-flyer coupon to fly to Miami, should you go to Miami?
A. No, your benefit is less than your cost. B. Yes, your benefit is more than your cost. C. Yes, your benefit is equal to your cost. D. No, because there are no benefits in the trip.
Suppose marginal cost is constant and equal to 100 and market demand is given by Qd = 20- 1/10P. A profit-maximizing monopolist will set price equal to:
A. 150. B. 100. C. 10. D. 300.
Policymakers who wish to discourage businesses that pollute by taxing them:
A. should place a tax on consumers instead of the producers in order to increase the burden on sellers. B. should place a tax on producers instead of the consumers in order to increase the burden on sellers. C. forget that some of the tax burden will be shared by consumers. D. forget that businesses will pass the entire tax onto consumers of their products.