Answer the following statement(s) true (T) or false (F)
1. According to available data, U.S. per capita water consumption is lower than more countries around the world.
2. A flat fee pricing scheme for water usage is a pricing structure that is independent of water use.
3. The water pricing scheme that offers an economic incentive to conserve water usage is the declining block pricing structure.
4. The most common pricing structure used for drinking water in the United States is the increasing block rate structure.
5. According to the textbook application, bottled water sold in the United States is controlled by FDA regulations.
1. False
2. True
3. False
4. False
5. True
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If the wage that a competitive firm must pay its workers exceeds their value of marginal product, the firm will
A) decrease the quantity of labor it employs. B) increase the quantity of labor it employs. C) lower the price of the good. D) raise the price of the good.
The difference between the highest price a consumer is willing to pay for a good and the price the consumer actually pays is called
A) consumer surplus. B) the income effect. C) producer surplus. D) the substitution effect.
U.S. opponents of NAFTA argued that the agreement will hurt the United States. In their view, NAFTA's greatest harm will be its
A) harmonization of labor policies. B) harmonization of environmental policies. C) harmonization of the use of pesticides and herbicides. D) job destruction and downward pressure on U.S. wages. E) harmonization of product safety standards.
The chief function of the Federal Reserve is to be the federal government's tax collection institution
a. True b. False Indicate whether the statement is true or false