Which of the following is the most likely to be a fixed factor of production at a farm?
A. The number of workers hired to harvest the crops.
B. The amount of water used each day.
C. The land on which the farm is located.
D. The amount of fertilizer used each week.
Answer: C
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Economists believe that scarcity forces everyone to
a. satisfy all their wants b. abandon consumer sovereignty c. limit wants d. create unlimited resources e. make choices
The Montreal Protocol and its subsequent amendments
a. accomplished little in correcting ozone depletion b. failed to recognize the special problems of developing nations c. established and implemented phase out schedules for ozone depleters d. was an international agreement aimed at addressing climate change
Market price is the same thing as equilibrium price.
Answer the following statement true (T) or false (F)
Suppose Japan has a comparative advantage over Canada in the production of DVDs. This means that Japan:
A. needs fewer resources to produce DVDS than does Canada. B. has better technology for producing DVDs than does Canada. C. has a lower opportunity cost of DVD production than does Canada. D. can produce more DVDs in a given period of time than can Canada.