Two firms, Acme and FirmCo, have access to five production processes, each of which has a different cost and gives off a different amount of pollution. The daily costs of the processes and the corresponding number of tons of smoke emitted are shown in the table below.Process(smoke/day) A(10 tons/day) B(8 tons/day) C(6 tons/day) D(4 ton/day) E(2 tons/day) Cost to Acme ($/day) $750$800$1,000$1,400$2,000 Cost to FirmCo ($/day) $500$750$1,200$2,200 $4,000Suppose the firms are both currently using process A. If the government requires each firm to reduce pollution by 20%, then the firms will adopt process ________, and a total of ________ tons of smoke will be emitted each day.
A. B; 16
B. A; 18
C. C; 12
D. D; 8
Answer: A
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Answer the following statement(s) true (T) or false (F)
1. The major reason education leads to higher wages is due to signaling. 2. Attending college can be seen as an individual’s attempt to raise their level of human capital. 3. Since mowing ones lawn is not done at their workplace, it is viewed as a use of their leisure time and thus (somewhat paradoxically) falls into the category of leisure. 4. One deficiency of labor-leisure indifference curve analysis is that because indifference curves are always tangent to the worker’s budget line, the model can not explain why some people choose not to work. 5. A firm’s marginal revenue product of labor equals the marginal product of labor times the cost per unit of the labor.
________ are highly excludable but non-rival in consumption
A) Public goods B) Private goods C) Common pool resources D) Club goods
Economics
A) is a social science. B) is concerned with limited resources. C) is concerned with unlimited wants. D) All of the above are correct.
In The Distinguished Gentleman, Eddie Murphy plays a con man with a name similar to that of a long-running congressional representative. When the politician dies, Murphy runs for office using the politician's name: Jeff Johnson. He's careful not to go on camera but uses taglines in commercials such as "Johnson: The name you trust." He eventually achieves a slim victory. How does Murphy's character use voter ignorance to win the election?
A. He's expecting most voters not to investigate him too much. B. He's expecting most voters to neither investigate him too much nor know that their congressman died. C. He's expecting that most people won't remember his campaign promises. D. He's expecting most voters not to know their congressman died.