Which of the following would be a protective function of government?
a. legal enforcement of contracts and rules against fraud
b. undertaking income redistribution
c. providing national parks
d. providing a stable monetary system
A
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A decrease in the amount of human capital acquired by workers will lead to decrease in the supply of labor
Indicate whether the statement is true or false
As of December 2008, housing accounted for about ________ of the typical consumer's spending
a. 32 percent. b. 30 percent. c. 43 percent. d. 65 percent. e. 70 percent.
A decrease in firm 1's marginal cost will cause:
A. an upward shift in firm 2's reaction function, resulting in a new Cournot equilibrium where firm 1 is producing a lower quantity and firm 2 is producing a higher quantity. B. a downward shift in firm 2's reaction function, resulting in a new Cournot equilibrium where firm 1 is producing a higher quantity and firm 2 is producing a lower quantity. C. a downward shift in firm 1's reaction function, resulting in a new Cournot equilibrium where firm 1 is producing a lower quantity and firm 2 is producing a higher quantity. D. an upward shift in firm 1's reaction function, resulting in a new Cournot equilibrium where firm 1 is producing a higher quantity and firm 2 is producing a lower quantity.
Refer to Scenario 1.2 below to answer the question(s) that follow.SCENARIO 1.2: A scientist wants to understand the relationship between automobile emissions and the level of global warming. The scientist collects data on the volume of automobile emissions and the levels of global warming over time. The scientist concludes that a 1% increase in automobile emissions causes a 0.0003% increase in average global temperatures. From this information he concludes that the automobile emissions are harmful to the environment and should be reduced to stop the increase in global temperatures.Refer to Scenario 1.2. The statement that an increase in automobile emissions causes an increase in global warming is an example of
A. an economic theory. B. normative economics. C. deductive reasoning. D. a fallacy.