An example of a quantity restriction is
A) the minimum wage.
B) an import quota.
C) rent controls.
D) price supports in agriculture.
B
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What does the labor theory of value imply about the wages workers are paid in a capitalistic society? Explain
What will be an ideal response?
Assume that air pollution from a copper smelter imposes external costs on people who live near the smelter. If the victims of the pollution could not legally enforce the right of their property not to be damaged, the amount of pollution reduction
A) would be significantly less than if the owners of the smelter were legally liable for damages. B) would be less than the amount at which the marginal benefit of pollution reduction equaled the marginal cost. C) would be too small; the government would have to intervene to bring about an efficient outcome. D) would be the same as if it would be if the owners of the smelter were legally liable.
Which statement is false?
A. The spreading use of electricity during the 1920s helped create rapid economic expansion in that decade. B. The stock market rose very rapidly in the late 1920s. C. Between 1921 and 1929 national output rose by 50 percent. D. None of the statements are false.
Three basic decisions must be made by all economies. What are they?
What will be an ideal response?