Which of the following is not considered a renewable resource?
A. Fish in the ocean
B. Sunlight
C. Wind
D. All of these are renewable resources.
D. All of these are renewable resources.
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Which of the following statements is true?
A) Optimizers with the highest opportunity cost of time push up the rental price of apartments with the highest commute time. B) Optimizers with the lowest opportunity cost of time push up the rental price of apartments with the lowest commute time. C) As the rental prices of downtown apartments rise, only workers with the highest opportunity cost of time will be willing to rent them. D) As the rental prices of downtown apartments rise, only workers with the lowest opportunity cost of time will be willing to rent them.
Labor demand is decreasing in the wage because
A) the substitution effect is larger than the income effect. B) the income effect is larger than the substitution effect. C) the production function is concave. D) the marginal product of labor is increasing in labor.
If a good is produced but not consumed, then:
a. It is not included in GDP or GNP. b. It is not included in GDP, but it is included in GNP. c. It is not included in GNP, but it is included in GDP. d. It enters into gross private domestic investment, which is a part of GDP and GNP. e. It enters into "passive consumption," which is a part of GDP in the following period.
Which one of the following is not assumed to be constant when the supply curve for a product is drawn?
A. number of producers B. price of inputs used to make the product C. state of technology D. price of the product