According to this Application, the decline in population caused by the Black Death resulted in ________ real wages and ________ total output
A) lower; less B) lower; more C) higher; more D) higher; less
D
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The U.S. government protects fish, a common resource, by
a. subsidizing the fishing industry. b. heavily taxing competing industries. c. selling fishing licenses and regulating fish lengths. d. None of the above is correct.
If you wanted to compare the quantity of output of a country across time periods, which of the following would you use?
What will be an ideal response?
If the long-run supply curve is upward sloping, we know that
A) entrepreneurs are earning higher profits as output expands. B) some input prices are increasing as the industry expands. C) firms are getting larger as the industry contracts. D) the law of diminishing marginal returns has set in.
Marginal revenue is the change in total revenue from selling one more unit of output
a. True b. False