Capital, labor, and land
a. have derived demands.
b. are factors of production.
c. are inputs used in the production of goods and services.
d. All of the above are correct.
d
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The above figure shows the marginal benefit from pollution for two firms. If each firm receives a marketable permit to produce 25 units of pollution, which one of the following is most likely to happen?
A) Firm B will sell some pollution rights to firm A. B) Firm A will sell some pollution rights to firm B. C) Firm A will produce all 50 units of pollution. D) Both firms will produce 25 units of pollution.
What part of federal government spending has grown the most rapidly in recent years?
a. national defense b. welfare c. interest on the national debt d. social security and Medicare e. all other forms of federal government spending
A typical reason moral hazard arises in the workplace is:
A. employees have no incentive to let the employer know how hard they can really work, because that might be expected of them all the time. B. employees do not directly benefit from their effort, only their time spent at work. C. employees get paid the same, whether they try really hard or not. D. All of these statements are true.
Exchange rates are 100 yen per dollar, 0.8 euro per dollar, and 12 pesos per dollar. A bottle of beer in New York costs 6 dollars, 500 yen in Tokyo, 6 euro in Munich, and 84 pesos in Cancun. Where is the most expensive and the cheapest beer, in that order?
a. Cancun, New York b. Munich, Tokyo c. Tokyo, Munich d. New York, Cancun