The observed change in the reserves of copper, lead, and zinc between 1960 and 1990 was most likely caused by
a. low prices discouraging exploration for new reserves.
b. a slowdown in demand growth.
c. high prices that stimulated exploration.
d. the discovery of substitutes.
c
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A tax is regressive if the average tax rate
A) increases as income increases. B) increases as income decreases. C) is negative. D) is less than one.
If production displays diseconomies of scale, the long-run average cost curve is
A) above the long-run marginal cost curve. B) downward sloping. C) above the short-run average total cost curve. D) upward sloping.
Which of the following is an example of an intermediate-term debt?
A) a fifteen-year mortgage B) a sixty-month car loan C) a six-month loan from a finance company D) a thirty-year U.S. Treasury bond
The type of commercial policy followed by England under the navigation laws
(a) was followed throughout the 17th and 18th centuries but not by any governments today. (b) was followed throughout the 17th and 18th centuries and is still pursued, in one way or another, by all governments in the world today. (c) was followed throughout the 17th, 18th, and 19th centuries but not by most governments today. (d) was followed throughout the 17th and 18th centuries and by European governments today, but not by the United States since the founding of the nation.