If the price of a resource is raised, according to the substitution effect, ________; according to the output effect, _________, thereby lowering the employment of all resources.
Fill in the blank(s) with the appropriate word(s).
other resources will be substituted for it; output of the final product will decline
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Over the last 50 years, has the ratio of household production to gross domestic product in the United States increased or decreased? Consider the effect of the increased number of women working outside the home, and the effect of advances in
technology in household production such as microwaves, coffee makers, power tools, etc.
Answer the following statement(s) true (T) or false (F)
1. The largest “hole” in the earth’s ozone layer occurs over North America. 2. Scientists agree that the presence of chlorofluorocarbons (CFCs) in the atmosphere most likely explains the existence of the ozone hole. 3. The release of CFCs associated with the production of refrigeration units is an example of a negative externality. 4. The Kyoto Protocol banned the use of CFCs. 5. CFC allowance trading was an integral part of achieving the objectives of the Montreal Protocol.
Which of the following persons would be considered employed?
A) Jennifer, a teacher who is on a two month maternity leave but will return to work after. B) All of the above persons are considered employed. C) Sam, a 12 year old who helps his mom stock shelves at her gift shop. D) Ron, a recently enrolled full-time college student in hopes of finding a well-paying job.
Under the gold standard, because all currencies had values fixed in units of gold
A) exchange rates were effectively fixed. B) there were no exchange rates. C) exchange rates were set to a crawling peg. D) none of the above