If the demand for alarm clocks decreases, the effect on the alarm clock job market will be to
A. Increase the demand for labor and increase equilibrium wages.
B. Decrease the demand for labor and reduce equilibrium wages.
C. Reduce the supply of labor and increase equilibrium wages.
D. Have no impact on equilibrium wages.
Answer: B
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Refer to the scenario above. Which of the following strategy combinations denotes the dominant strategy equilibrium in this case?
A) (bribe, bribes) B) (bribe, does not bribe) C) (do not bribe, bribes) D) (do not bribe, does not bribe)
The "bubble concept," which is sometimes used by EPA in its pollution control programs, is designed to
A) capture pollutants and dispose of them safely. B) confine pollution within a narrow area. C) make the people who pollute the most the ones financially responsible for pollution control. D) reduce the cost of achieving pollution-reduction targets. E) restore control over the environment to state and local governments.
Specialization describes the occurrence when a country shifts resources to focus on producing a good that offers ____________ advantage and the lowest opportunity cost.
a. marginal b. comparative c. minimal d. profit
If real GDP per person were equal to $2,000 in 1900 and grew at a one percent annual rate, what would be the value of real GDP per person 100 years later?
A. $4,000 B. $2,210 C. $20,000 D. $5,410