What does the specificfactors model allow us to analyze?
a. the returns to factors of production
b. the allocation of resources between sectors
c. the returns to factors of production and the allocation of resources between sectors
d. the allocation of resources to the service sector
Ans: c. the returns to factors of production and the allocation of resources between sectors
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Aggregation is the process of combining different things into a single category
a. True b. False
Which of the following would likely shift the labor demand curve to the right in an appliance manufacturing company?
a. Younger homeowners prefer stainless steel to white finishes. b. Some of the firm’s products are revealed to emit noxious fumes. c. A respected consumer magazine gives the brand a quality award. d. The installation of new equipment causes productivity problems.
Full employment is the rate of employment that results when:
A. all the labor resources of the economy are employed full time. B. cyclical unemployment has reached its maximum. C. everybody who wants a job can find one. D. only frictional and structural unemployment are present.
Answer the following statement(s) true (T) or false (F)
1. Incremental costs are the accumulated expenditures associated with an environmental policy initiative. 2. When implementing environmental policy, all expenses paid by the government plus compliance costs paid by all economic sectors are known as explicit costs. 3. Fixed costs are controllable in the short run but not the long run. 4. The accounting equivalent of variable costs is capital costs. 5. The value of reduced product variety due to an environmental policy initiative or regulation is an example of an implicit cost.