A pollution permit trading system
a. is not a market-oriented policy instrument
b. is used to combat acid rain in the United States
c. is not viable on an international level
d. is not capable of achieving a cost-effective solution
b. is used to combat acid rain in the United States
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The labor force is defined as the number of people who
A) are employed plus the number of people who are unemployed. B) are available and looking for work but are unable to find employment. C) would like to have a job but have stopped seeking work. D) would like to have a full-time job but are working part time. E) are employed minus the number of people who are unemployed.
When measuring the substitution effect, one uses the change along
A) the old indifference curve. B) the new indifference curve. C) either the old or the new indifference curve. D) the budget constraint.
The rule of rational choice: a. requires the availability of complete information before decisions can be made. b. can only be applied in business decisions
c. involves "marginal thinking." d. is the basis on which only greedy people make decisions.
In autumn, the Connecticut apple market is perfectly competitive. If market demand increases—resulting, say, from a change in consumer taste—the demand curves faced by each individual firm will, in the long run
a. become vertical b. become less elastic c. remain unchanged d. shift leftward e. shift downward