If an epidemic hits a Malthusian economy, the immediate consequence is
A) an increase in the standard of living.
B) a reduction in the standard of living.
C) no change in the standard of living.
D) dependent on the population growth rate.
A
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The point at which the burden of a tax ultimately rests is known as the
a. effect of the tax. b. impact of the tax. c. incidence of the tax. d. direction of the tax.
One basic difference between "land" and "capital" resources is that land is:
A. Manufactured while capital is man-made B. Unlimited while capital is limited C. Natural while capital is man-made D. Limited while capital is unlimited
A profit-maximizing firm should not undertake an R&D project for which the:
A. expected rate of return exceeds its interest-rate cost of funds. B. interest-rate cost of funds exceeds the expected rate of return. C. expected returns are in the distant future. D. the expected returns, though potentially very large, are uncertain.
When the price of apples goes up:
A. the demand for apples will decrease, ceteris paribus. B. the demand for apples will increase, ceteris paribus. C. the quantity of apples demanded will decrease, ceteris paribus. D. the quantity of apples demanded will increase, ceteris paribus.