Which of the following is considered a "nonrenewable" energy source?
A. Natural gas
B. Wind turbines
C. Hydroelectric power
D. Cellulosic fuel (e.g., wood)
Answer: A
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Refer to Figure 2.1. If you are producing 600 tons of agricultural products per year, what is the maximum amount of manufactured products you can produce per year?
A) 300 tons B) 500 tons C) 600 tons D) 700 tons
Which of the following circumstances would not cause GDP to either understate or overstate economic well-being today in comparison to that which existed 75 years ago?
A. A shorter workweek today B. Greater military spending today C. A trend toward merger and consolidation of business firms D. More air and water pollution
After graduating with a degree in kinesiology, Jem worked at the only physical therapy clinic in her small town even though the wage was low. In school, she had hoped to work for a professional sports team or an Olympic training center, but to do so she would have to move, and she had family reasons for staying. Jem’s story illustrates what type of labor market?
a. monopoly b. competitive c. monopsony d. equilibrium
According to the principle of diminishing marginal utility, what is the best way for a business owner to maximize the number of units sold to each customer?
a. Lower the price on the first unit. b. Lower the price on each additional unit after the first. c. Increase the number of substitutes offered at the same price. d. Increase the number of substitutes offered at a higher price.