If average labor productivity in two countries is the same, average living standards will be higher in the country with:
A. the lower share of population employed.
B. the smaller population.
C. the higher share of population employed
D. the larger population.
Answer: C
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"Perfectly competitive firms have total control over the price they set for their product." Explain why the previous statement is correct or incorrect
What will be an ideal response?
Suppose a chemical plant in Warzonka produces a by-product that is extremely toxic. The by-product is fatal to plant and animal life upon direct contact, and low-level contamination of the by-product in the environment is linked to cancer. Which of the following would be the best choice for public policy in this case?
a. Command-and-control regulation b. A corrective tax c. A property tax d. A tradable permit system
Public goods are characterized by
A. nonrivalness. B. excludability. C. the sum of the MRSs equaling MRT. D. all of these answer options are correct.
The principal difference between income and money is that income is a ____ and money is a ____.
A. schedule; curve B. point; line C. stock; flow D. flow; stock