The ozone layer:
a. protects us from ultraviolet rays which can cause cancer and blindness.
b. has been damaged as a result of the Montreal Protocol.
c. has been damaged as a result of the ban on CFCs.
d. is another term for the greenhouse effect.
a
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What environmental problem gets worse as income rises according to your text?
What will be an ideal response?
In the short run, the profit maximizing (or minimizing) quantity of output for any firm to produce exists at that output level at which marginal revenue equals marginal cost
a. True b. False Indicate whether the statement is true or false
(I) Governments that respect property rights and freedom of exchange while following monetary (and fiscal) policies consistent with relative price stability, establish the foundation for economic growth. (II) Governments have often diminished the economic prospects of a nation by levying high taxes, instituting price controls, and following inflationary monetary policies
a. I is true; II is false. b. I is false; II is true. c. Both I and II are true. d. Both I and II are false.
Suppose a firm can hire 100 workers at $8.00 per hour but must pay $8.05 per hour to hire 101 workers. Marginal factor cost (MFC) for the 101st worker is approximately equal to:
A. $8.00. B. $8.05. C. $13.05. D. $13.00.