Will reducing pollution to zero in a particular industry be economically efficient?
a. Never
b. Always
c. Yes, as long the marginal costs of pollution reduction exceed the marginal benefits
d. Yes, as long as the marginal benefits of pollution reduction exceed the marginal costs
e. Yes, as long as the total benefits of pollution reduction exceed the total costs
Ans: d. Yes, as long as the marginal benefits of pollution reduction exceed the marginal costs
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A patent is
A) an agreement between a union and management on certain labor issues. B) a bond issued by the government. C) the monopoly right given to a producer/company. D) a bond issued by a state.
The above figure shows the demand and cost curves facing a monopoly. At the profit-maximizing price, the elasticity of demand equals
A) -1. B) zero. C) infinity. D) -3.
If the official unemployment rate increases from February to March because of sluggish sales in the automobile industry, then the increase can be blamed on: a. seasonal unemployment. b. cyclical unemployment
c. structural unemployment. d. frictional unemployment. e. underemployment.
Which of the following would increase labor productivity?
a. A decrease in the amount of capital per unit of labor b. A change in technology that improves the quality of capital c. A decrease in the unemployment rate d. An increase in the number of inexperienced workers entering the labor force e. A decrease in the quality of capital