In the long run, a year-long drought that destroys most of the summer's wheat crops causes permanently:
A. higher prices.
B. lower prices.
C. lower output.
D. None of these is true.
Answer: D
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Initially the Constitution:
a. empowered each state to negotiate its own treaties with foreign governments. b. provided for each slave to be counted as 1 person in determining a state's membership in the House of Representatives. c. gave the federal government the exclusive power to coin money. d. allowed states to set tariffs on goods imported from another state. e. All of the above.
The following is an example of adverse selection
a. A majority of those applying for well paid jobs are well qualified b. More reckless drivers opt for cars with fewer safety devices c. Individuals living in less secure neighborhoods want to buy less insurance d. Individuals with a strong family history of heart diseases opt to buy more insurance
If a firm adopts a labor-saving piece of technology, it will:
A. increase the marginal product of labor. B. decrease the marginal product of labor. C. increase the marginal supply of labor. D. decrease the marginal supply of labor.
What concept is involved when one disproportionately powerful actor can help provide the collective good, either directly or indirectly?
a. sustainability b. selective incentive c. privatization d. hegemony