It would have been very difficult to clean up Lake Erie some years ago without government participation primarily because
A) environmental improvements benefit everyone and should therefore be financed from taxes.
B) the lake is a navigable body of water.
C) the lake is officially public property.
D) the pursuit of profit will cause environmental deterioration.
E) too many people could benefit without helping to pay the cost of the cleanup.
E
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Let the production function be q=ALaKb. The function exhibits constant returns to scale if
A) a + b = 1. B) a + b > 1. C) a + b < 1. D) Cannot be determined with the information given.
When the economy turns down and the incomes of many people decrease, vacationers are more likely to take car trips than to fly. Which of the following provides one possible explanation for this phenomenon?
A. Air travel and travel by car are complementary goods. B. Air travel and travel by car are both normal goods. C. Air travel is a normal good and travel by car is an inferior good. D. Air travel is an inferior good and travel by car is a normal good.
Which of the following stock price indexes is a price-weighted index?
A. Nasdaq B. Wilshire 5000 C. Standard & Poor's 500 Index D. Dow Jones Industrial Average
Suppose a student graduates from college with a civil engineering degree and is now employed to grade papers, answer the phone, and make copies-tasks that are below the graduate's capabilities. The graduate can best be classified as
A. Phantom unemployed. B. A discouraged worker. C. Structurally unemployed. D. Underemployed.