Fair trade products consist of goods:
A) that are usually imported from the developing nations.
B) the production of which involves child labor.
C) that are available in all countries across the globe.
D) that are exported only by the developed nations.
A
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If a 2 percent change in price leads to a ________ percent change in the quantity demanded, then demand is ________
A) 2; elastic B) 1; unit elastic C) 3; inelastic D) 1; inelastic E) 0; perfectly elastic
A tariff on a good increases the domestic price of the good, increases domestic production of the good, reduces the amount of the good sold, and decreases imports of the good
a. True b. False Indicate whether the statement is true or false
The Tragedy of the Commons occurs because
a. common resources are rival in consumption. b. government does not efficiently allocate society's scarce resources. c. people consider the value of resources in the future more than in the present. d. markets do not account for the presence of property rights.
The change in output due to one unit change in labor usage, the level of usage of other inputs remaining unchanged, is called:
a. the average product of labor. b. the total product of labor. c. the marginal revenue product. d. the marginal product of labor.