Which of the following policies has succeeded in reducing fishery catch sizes?
A. Limiting the length of the catch season.
B. Limiting the number of boats allowed in a given area.
C. Limiting catch size (TAC).
D. All of these.
Answer: C
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A trough in the business cycle occurs when
A. the inflation rate is at its lowest level. B. the natural rate of unemployment is at a minimum point. C. cyclical unemployment is at a minimum point. D. employment and output reach their lowest levels.
In 2009, U.S. real GDP decreased by 3 percent and the population grew by 1 percent. Thus, real GDP per person
A) decreased 4 percent. B) increased 4 percent. C) decreased 3 percent. D) increased 2 percent. E) decreased 2 percent.
In the opinion of many consumers, there are few, if any, substitutes for the popular search engine Google. If Google were to charge consumers for its services, it would face:
a. a relatively inelastic demand curve. b. a relatively elastic demand curve. c. a negative income elasticity of demand. d. a positive cross elasticity of demand. e. a perfectly elastic demand curve.
Supporters of globalization argue that multinational firms pay higher wages than local firms, and provide greater benefits for workers than existed in the country prior to globalization
a. True b. False Indicate whether the statement is true or false