One of the virtues of rising resource prices is they encourage innovation, especially the discovery of other more abundant resources.
Answer the following statement true (T) or false (F)
True
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BigBiz, a local monopsonist, currently hires 50 workers and pays them $6 per hour. To attract an additional worker to its labor force, BigBiz would have to raise the wage rate to $6.25 per hour. What is BigBiz's marginal factor cost?
a. $6.25 per hour. b. $12.50 per hour. c. $18.75 per hour. d. $20 per hour.
How much is the percentage of income received by the middle three quintiles on line S?
In 2011, the federal government spent 9 percent of the budget on net interest. Which of the following statements regarding net interest is correct?
a. If the government pays down its debt, the amount of the budget needed for net interest decreases. b. If the government accrues more debt, the amount of the budget needed for net interest increases. c. In 2011, the federal government spent 325 billion dollars to cover interest payments on its loans. d. All of the above are correct.
John is an employee at a car manufacturer. Today he has come into work to find that production has stopped because the government has determined that the steel used in the cars will be better used in the manufacture of a new railway line. John doesn't mind, because although his wages are low, he gets paid whether there is any work for him to do or not. John MOST likely lives in a ________.
A) traditional economy B) planned economy C) market economy D) mixed economy E) capitalist economy