The two main characteristics of a public good are
A. nonrivalry and large negative externalities.
B. nonrivalry and nonexcludability.
C. nonexcludability and production at rising marginal cost.
D. production at constant marginal cost and rising demand.
Answer: B
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If a firm hires a worker by paying him a wage lower than his value of marginal product, ________
A) firing the worker will increase the firm's profits B) the firm is making an optimum decision C) the firm should hire more workers to increase profits D) profits of the firm are minimized
Answer the following statements true (T) or false (F)
1. The issue is not so much whether globalization will pressure low-income countries to reduce their environmental standards, but instead whether the threat of blocking international trade can pressure these countries into adopting stronger standards. 2. Environmental protection is vital to two industries of key importance in many low-income countries—agriculture and tourism. 3. Few nations belong to both the World Trade Organization and regional trading agreements. 4. The disruption caused by international trade is fundamentally different from all the other disruptions caused by the other workings of a market economy.
If the MRPL is greater than the wage rate, and the supply of labor is horizontal, the firm will
A. not change its employment or wage practices. B. hire more labor. C. increase the wage paid. D. hire less labor.
When a person acts as expected as part of the group they are portraying their
a. role b. groupthink c. norm d. status rank