In Egypt, in 1970, the Aswan Dam was completed. By preventing the annual flood of the Nile (thereby providing millions of acres of arable land) and by providing electricity, the dam was expected to raise the living standard of the Egyptian people-and it has. However, it has also led to a rise in the water table which causes Egypt's limestone structures, including the pyramids, to absorb more salt
water and to suffer serious erosion from crystallized salts. Combined with air pollution and traffic vibration, this erosion is turning the pyramids to dust. Economists analyze this type of problem with the concept of
a. an externality.
b. the antiquity problem.
c. a free-rider problem.
d. the public good problem.
e. the trade-off between equity and output.
a
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The slope of an isoquant is equal to the ratio of the price of the input on the horizontal axis divided by the price of the input on the vertical axis, multiplied by -1
Indicate whether the statement is true or false
During the Revolutionary War, the Pennsylvania legislature attempted to help the Continental Army by enacting
a. wage floors for soldiers in the army. b. bonuses for soldiers who re-enlisted. c. laws to buy food for the soldiers stationed in Pennsylvania. d. price controls on essential commodities. e. All of the above are correct.
If average labor productivity decreases, then the same number of employed workers will always produce:
A. more total output. B. less output per person. C. less total output. D. more output per person.
Which of these Presidents increased top marginal income tax rates during his term in his office?
a. franklin d. roosevelt b. john f. kennedy c. ronal reagan d. george w. bush