Refer to Figure 7.1. Suppose the city passes an ordinance banning loud music, and this directly impacts Angus's legal ability to play his bagpipes. In this case, the property rights belong to
A) Angus.
B) Dudley.
C) no one.
D) both Angus and Dudley.
B
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Refer to Figure 1A.1. Assume that the graph in this figure represents the demand and supply curves for orange juice. An increase in the price of apple juice, which is a substitute for orange juice, would be represented by a shift from
A) Demand 1 to Demand 2. B) Demand 2 to Demand 1. C) Supply 1 to Supply 2. D) Supply 2 to Supply 1.
Because the productivity of labor decreases as the quantity of labor employed increases
A) the quantity of labor a firm demands increases as the real wage rate decreases. B) the quantity of labor a firm demands increases as the money wage rate decreases. C) the labor demand curve shifts right as the real wage rate decreases. D) the aggregate production function shifts upward as the real wage rate decreases.
Fred is considering opening a ski shop in Colorado. Assume Fred will incur the following costs: building rent = $100,000/year, inventory = $250,000/year, energy = $50,000/year, and labor (one clerk) = $10,000/year
In addition, Fred's current income as a computer programmer is $40,000 per year. Assuming Fred would earn $460,000 in revenues, he could expect to earn: A) an accounting profit of $10,000 per year. B) an accounting profit of $60,000 per year. C) an economic profit of $10,000 per year. D) an economic profit of $50,000 per year.
Transferable permits allow emission reduction to be achieved
A) without any impact on the industrial sector, just as a standard would. B) without any impact on the industrial sector, just as fees would. C) at the lowest possible cost. D) with firms monitoring each other, rather than having the government do the monitoring. E) Both C and D are true.