According to economic theory, under perfect competition, the price of a depletable resource whose costs of transportation and extraction are negligible
a. is a poor indicator of scarcity.
b. must rise at the rate of interest.
c. will be unable to change to avert running out of it.
d. is too erratic to allow markets to respond to shortages.
b
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What is the most accurate description of skilled and unskilled workers if labor supply curves are not perfectly inelastic (perfectly vertical)?
a. If the two types are complements, then the increases in immigration during the late 1800s would have increased the quantity and wages of skilled workers and decreased the wages of unskilled workers. b. If the two types are substitutes, then the increases in immigration during the late 1800s would have increased the quantity and wages of skilled workers and decreased the wages of unskilled workers. c. If the two types are complements, then the increases in immigration during the late 1800s would have increased wages of skilled workers, decreased the number of skilled workers, and decreased the wages of unskilled workers.
The Grangers were:
a. an organization designed to support the interests of railroads. b. an agrarian society. c. an abolitionist organization. d. a society that petitioned for Prohibition.
If a town has a monopsony, this means:
a. there is only one employer. b. price discrimination takes place. c. goods are priced too high. d. no unions can exist. e. excess profits are being made
Long-term solutions to communitywide poverty must involve:
A. increasing the value of the currency. B. ways to expand the range opportunities available to the population. C. ways to reduce taxes collected by local governments. D. All of these are true.