Graphically, the market demand curve is:
A. steeper than any individual demand curve that is part of it.
B. greater than the sum of the individual demand curves.
C. the horizontal sum of individual demand curves.
D. the vertical sum of individual demand curves.
Answer: C
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The Keynesian revolution was based on the assumption of price and wage ________ and thus the need for an activist ________ policy
A) flexibility, monetary B) flexibility, fiscal C) stickiness, monetary D) stickiness, fiscal
Answer the following statement(s) true (T) or false (F)
1. The “cradle-to-grave” management system uses primarily market instruments to control and track hazardous wastes through the stages of the waste stream. 2. The legislative provisions that govern waste control policy in the United States today are the Hazardous and Solid Waste Amendments of 1984 (commonly known as the RCRA Amendments of 1984). 3. Waste management is a preventive strategy directed toward the generation stage of the waste stream. 4. Hazardous wastes that exhibit certain characteristics that imply a substantial risk are identified under the law as characteristic wastes. 5. A permit system is used to control hazardous waste management at treatment, storage, and disposal facilities (TSDFs).
Which of the following is an example of a monopoly?
A.) One large firm supplies the entire product to the market B.) One firm supplies 60 percent of the product to the market and there are two other rival firms C.) Many firms supply the same product essentially, but each has significant brand loyalty D.) A few large firms supply the entire product to the market
In the short run, why does a production function eventually display diminishing returns to labor?
A) As the number of workers increases it becomes difficult to monitor them. B) As a firm hires more workers the skills and the work ethic of the additional workers will eventually decline. C) As the number of workers increases eventually the gains from the division of labor and specialization are used up. D) The opportunity cost of hiring additional workers must eventually rise.