OPEC is an example of a:
A. duopoly.
B. monopoly.
C. monopsony.
D. cartel.
Answer: D
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Long-term increases in productivity that have increased the demand for labor, and raised real wages, have resulted primarily from ________ and ________.
A. a modernized capital stock; an increased labor supply B. a modernized capital stock; skill-biased technological change C. technological progress; a modernized capital stock D. technological progress; an increased labor supply
Using the data in the above table, if the price of an hour of labor is $20 and the price of a unit of capital is $10, then the most economically efficient technique for producing 100 sweaters is
A) A. B) B. C) C. D) D.
Using Excel, Big Pies Pizzas estimates the log-linear weekly demand function for their pizza to be ln Qd = 8.23 - (1.50 × ln P). If Big Pies Pizzas increases the price of their pizzas from $10 to $12, which of the following will occur?
A) The predicted quantity (Qd ^) will increase. B) The predicted quantity (Qd ^) will increase by approximately 52.48 pizzas. C) The predicted quantity (Qd ^) will decrease by approximately 28.39 pizzas. D) The predicted quantity (Qd ^) will decrease by approximately 62.89 pizzas.
The Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA)
a. is the primary law that governs U.S. pesticide policy b. uses registration of new pesticides and reregisration of existing pesticides as its chief regulatory instruments c. was revised through the Pesticide Registration Improvement Act of 2003 d. all of the above e. none of the above