Other things equal, the supply of labor will be greater to a job that
a. requires advanced education and training
b. requires most working hours be on weekends
c. requires hard physical labor
d. allows the employee greater discretion in the use of time
e. has a higher probability of injury or death
D
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A product charge is
a. a fee added to the price of a pollution-generating product based on its contribution to pollution b. the same as an effluent charge c. a fee imposed on the actual release of pollution, typically as a tax d. none of the above
Increasing returns to scale in production means
A) more than 10% as much of all inputs are required to increase output 10%. B) less than twice as much of all inputs are required to double output. C) more than twice as much of only one input is required to double output. D) isoquants must be linear.
In a Nash equilibrium outcome for a two-firm balanced oligopoly
a. both firms avoid the worst case possible b. both firms end up in the worst case possible c. prices charged by both firms are relatively high d. profits earned by both firms are relatively high e. both firms form a cartel
The broken window fallacy states that when a window breaks and someone spends money to repair it, they have created new economic activity that would not have otherwise taken place
a. True b. False Indicate whether the statement is true or false