The crux of the problem of pollution is
A) a poorly run Environmental Protection Agency.
B) greed on the part of consumers.
C) greed on the part of producers.
D) poorly defined property rights are expensive to enforce.
D
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In order to raise the rate of economic growth the United States needs to
A. Spend more on consumer goods. B. Use older, tried and true technology. C. Have its consumers save less. D. Have its business firms invest more.
The Lorenz curve shows
A) how poverty rates change over time. B) the percentage of population below the poverty line. C) the degree of inequality in the income distribution. D) the ratio of cash income to payments-in-kind.
In the employment of any resource, a firm should
A) equate marginal revenue product with the cost of the additional resource. B) hire each input unit that adds more to revenue than it adds to costs. C) hire each input unit provided its marginal physical product is greater than zero. D) A and B are both correct.
Which of the following is true in long-run equilibrium for both perfect competition and monopolistic competition?
a. Accounting profit is zero. b. Marginal cost equals price. c. Long-run average cost is at a minimum. d. Economic profit is zero.