What can be said about the demand and supply of natural resources?
a. The quantity demanded of a natural resource will generally be less responsive to a change in price in the long run than in the short run.
b. The supply of a natural resource will generally be more responsive to a price change in the long run than in the short run.
c. The supply of a natural resource is fixed by nature; it cannot be responsive to a price change in the long run.
d. None of the above is correct.
D
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In the Solow model, if k = 8, y = 20, and s = 0.2, what is c?
A) 24 B) 20 C) 16 D) 12
The manufacturer has put in place a price discrimination policy, where it charges its household customers more per unit than it charges its industrial users. The manufacturer wants to keep the retailer from arbitraging away the profits from the policy. The manufacturer should
a. Vertically integrate into the retail operations in the household market b. Vertically integrate into the retail operations in the industrial market c. Reward the household market retailers for not arbitraging d. All of the above
The most recent recession in the United States began in December 2007
a. True b. False
16) In the figure above, Point A is undesirable because A) there is an inefficient use of resources. B) too much healthcare is being produced. C) the opportunity costs of health care are too high. D) point E is a more realistic option in this economy.