Refer to the given data. If the wage rate is $20, how many workers will the firm choose to employ?
A. 5.
B. 4.
C. 3.
D. 2.
D. 2.
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The "tragedy of the commons" refers to a phenomenon where
A) people do not internalize an externality. B) people have distinct property rights to a resource. C) people overuse a common resource. D) individuals are not allowed to use a common resource.
Suppose that we are currently at point b in Figure 14.1. An increase in the price level will result in a:
A. shift in the AD curve from AD1 to AD2. B. shift in the AD curve from AD1 to AD0. C. movement from point b to point a. D. movement from point b to point c.
The purchasing power of the average person in the world today is:
A. is about the same as it has been during the last two centuries. B. more than 30 times as high as it was 200 years ago. C. has increased steadily over the last two centuries. D. more than 20 times as high as it was 300 years ago.
Saving is $15 billion at the $125 billion equilibrium level of output in a closed, private economy. Actual investment must be:
A. Less than saving B. Greater than saving C. Equal to $15 billion D. Equal to $125 billion