Privatizing a commons tends to lead to a faster depletion of the resource
Indicate whether the statement is true or false
FALSE
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When OPEC's manipulation of oil supplies in 2000 doubled the price of energy, according to the AS/AD model, the
a. aggregate supply curve shifted to the right b. aggregate supply curve shifted to the left c. the aggregate demand curve shifted to the right d. aggregate demand curve shifted to the left e. price level in the economy fell
Coal mining is a dangerous and dirty job. Suppose someone developed new machinery that made coal mining safer and cleaner; at the same time, suppose it made coal miners more productive. We would expect that the wages of coal miners would
a. rise. b. fall. c. stay exactly the same. d. rise, fall, or stay the same.
Because of their relatively small national economies, which of the following is most likely considered to be the most important factor for Belgium, Korea, and Canada to take full advantage of specialization?
A. division of labour B. international trade C. economies of scale D. command economy
Assume a country produces only wine and cups. Both wine and cup production use land and labor as their only inputs. Wine production is relatively land-intensive while cup production is relatively labor-intensive. According to the Rybczynski theorem, a significant rise in immigration is most likely to lead to
A. an increase in wine production by a greater proportion than the increase in the production of cups. B. an increase in the production of cups by a greater proportion than the increase in the size of the labor force due to immigration. C. an increase in the production of both wine and cups. D. an increase in wine production by a greater proportion than the increase in the size of the labor force due to immigration.