The IPCC is an acronym that stands for:
A. International Panel on Climate Change.
B. International Plant Cultivation Committee.
C. Intergenerational Pact on Carbon Conservation.
D. International Proponents of Carbon Conservation.
Answer: A
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Alternate Outputs from One Day's Labor Input:
USA: 12 bushels of wheat or 3 yards of textiles. India: 3 bushels of wheat or 12 yards of textiles. From the data, the USA: a. has an absolute advantage over India in the production of textiles. b. has an absolute advantage over India in the production of wheat. c. has a comparative advantage in the production of textiles. d. should export textiles to India.
Which of the following indexes is best suited to measure wage inflation?
a. The Producer Price Index b. The International Price Index c. The Employment Cost Index d. The Personal Consumption Expenditure Index
If high-level executives of a company award themselves sizable bonuses even though the firm they manage is making losses and performing poorly, this event is most likely to arise because of
a. the law of diminishing marginal returns. b. competition among business firms for high-level executives. c. economies of scale. d. the principal-agent problem.
If the absolute value of the price elasticity of demand for tickets to a football game is 2, then if the price increases by 1 percent, quantity demanded decreases by:
A. 4 percent. B. 0.5 percent. C. 1 percent. D. 2 percent.