California voters and legislators frequently debate about the true cost of water in the course of trying to establish state policy to govern the use of water. The issue is confusing because
A) all water is ultimately a free gift of nature.
B) the cost of water is infinite.
C) water in itself, considered simply as a chemical compound, cannot be assigned any specific cost.
D) we cannot settle a question that is entirely a matter of opinion.
C
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Which of the following would be cures for the U.S. trade deficit?
a. Americans saving less and spending more b. a severe recession in Europe and Asia c. a severe recession in the United States d. a tax cut e. All of the above are correct.
Perfect competition and monopoly stand at ______ of the spectrum of competition.
A. the low end B. the mid-way point C. the high end D. opposite ends
In a union shop
A. no one is forced to join the union. B. an employer may hire only union members. C. all employees must join the union, usually within 30 days after they are hired.
The "other things being equal" clause in the law of demand does allow which of the following factors to change?
A. Consumer income. B. The prices of other goods. C. Consumer tastes and preferences. D. The price of the good being demanded.