The labor supply curve:
A. has a negative slope.
B. shows the relationship between the total quantity of labor supplied by all firms in the economy and the wage rate.
C. shows that, all things being equal, more workers will want to work when wages are higher and less will want to work when wages are lower.
D. All of these are true.
Answer: C
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An increase in price will result in no change in total revenue if:
A) the percentage change in price is large enough to cause quantity demanded to fall to zero. B) the coefficient of elasticity is equal to zero. C) the percentage change in quantity demanded is equal to the percentage change in price (in absolute values). D) the demand function is perfectly elastic.
An example of the command-and-control approach to environmental policy is:
a. placing a tax on freon to reduce its use and the corresponding CFC emissions (which contribute to the ozone hole). b. requiring car producers to install new air conditioners that do not use freon. c. allowing coal producers to buy and sell permits to allow CFC emissions. d. allowing individuals to sue freon producers if CFC emissions exceed a government-set standard.
Income earned by entrepreneurs is described as
a. total revenue b. profit c. average revenue d. marginal revenue e. interest
In the United States, the recovery rate for plastic wastes
a. has been declining as the use of plastics has been decreasing over time b. has been rising because of low-cost methods for sorting by resin content c. is waning because of the absence of lucrative markets for all recycled plastics d. is generally low because of costly steps in the plastic recycling process