GDP ignores the external costs of environmental degradation, and ignores the depletion of natural resources such as biodiversity, marine fishery stocks, groundwater basins, and soil fertility
Indicate whether the statement is true or false
true
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When the price of Ford pickup trucks rises from $18,000 to $19,000, the quantity of Chevy trucks demanded increases from 112,000 to 144,000. What does the cross elasticity of demand between Ford and Chevy trucks equal?
What will be an ideal response?
An increase in the wage rate will have a greater effect on average costs
a. the larger the proportion labor costs are of total costs and the easier it is to substitute capital for labor. b. the larger the proportion labor costs are of total costs and the harder it is to substitute capital for labor. c. the greater is the diminishing marginal product of labor. d. the greater are returns to scale.
Explain how a large number of firms in the industry and product heterogeneity affect the likelihood of cartel success.
What will be an ideal response?
If voters A, B, and C have the following demand curves for a public library Pa = 5 - Q, Pb = 10 - 2Q, and Pc = 15 - 3Q, then social demand for a public library is:
A. P = 15 - Q. B. P = 30 - 6Q. C. P = 6 - 30Q. D. P = 30 - 3Q.