Which of the following examples would most likely be the most elastic?
a. chair
b. diamond ring
c. eggs
d. ladder
b. diamond ring
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U.S. workers will be attracted to otherwise undesirable work as long as:
A. The compensating wage differential is high enough B. The compensating wage differential is low enough C. There are not enough illegal immigrants to fill all of the available jobs D. There are laws that restrict illegal immigrants from working in the U.S.
Answer the following statement(s) true (T) or false (F)
1. In the Circular Flow Model, money flows are disregarded. 2. Within the Circular Flow Model, households are assumed to be the owners of all factors of production, including the natural resources. 3. Residuals are by-products, or pollution, left in the environment after a technological or natural process as occurred. 4. The discipline concerned with the resource flow from economic activity back to nature is known as natural resource economics. 5. According to the first law of thermodynamics, matter and energy can be destroyed but not created.
The use of collateral
A) allows banks to charge higher interest rates on loans. B) makes it more costly for borrowers to take advantage of their asymmetric information. C) makes it more costly for lenders to take advantage of their asymmetric information. D) has important tax implications for both borrowers and lenders.
Which of the following was the single largest component of wealth in colonial America?
(a) Land (b) Stocks (c) Bonds (d) Capital