The demand for firewood is likely to be more elastic in the summer than in the winter
a. True
b. False
A
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Which one of the following would not increase recycling rates?
a. Technological lock-in b. A tax on virgin resources c. Pay-by-the-bag garbage programs d. Government procurement of recycled materials e. Increased royalty payments for extraction of resources
How do rational behavior and self-interest relate?
a. Self-interest rarely motivates people to use rational behavior to make decisions. b. Self-interest is rational when it is selfless, but not selfish. c. Self-interest usually motivates people to use rational behavior to make decisions. d. Self-interest is rational when it is selfish, but not when it is selfless.
The equation of exchange always holds because
A. the quantity of money is determined by the amount of spending on goods and services. B. the quantity of money dictates the size of nominal GDP, since money is a social usage. C. MV measures total spending on GDP and PY also measures of total spending on GDP. D. the number of times money is spent to obtain goods and services measures total spending on GDP.
Table 24.1Monopoly Costs and RevenueQuantityPriceTotal Cost1$500$4002$450$6503$400$9504$350$1,3005$300$1,700In Table 24.1, according to the profit maximization rule, at the profit-maximizing level of output, marginal revenue is
A. $200. B. $300. C. $100. D. $250.