Most prophecies of the imminent exhaustion of many natural resources have not come true because
A. such resources are generally available in infinite quantities.
B. rising prices for resources have stimulated supply and encouraged innovation.
C. the demand for most natural resources has fallen as income levels have increased.
D. government price floors have prevented resource exhaustion.
Answer: B
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Refer to Figure 20-1. Based on the graph of the labor market above, if a minimum wage of $8 per hour is imposed, which of the following will result?
A) The quantity of labor demanded by firms will rise. B) The quantity of labor demanded by firms will fall. C) The unemployment rate will fall. D) Both A and C will occur.
The capacity of a firm can best be described as:
A) when a firm are producing maximum output B) a firm's production when operating normal hours using a normal sized workforce C) when a firm makes full use of all the space available in his factory or building D) when all of the firm's workers are producing at their maximum potential
A decline in interest rates tends to expand the economy by depreciating the currency and raising net exports.
Answer the following statement true (T) or false (F)
Refer to the above figure. Which panel shows a possible short-run equilibrium for monopolistic competition, but is NOT also a long-run equilibrium?
A. Panel A B. Panel B C. Panel C D. Panel D