What is true of depletable resources is that
A. increasing scarcity leads to their total disappearance.
B. they are depleted by gradually using up the supply of homogeneous resources, every unit of which is equally available.
C. generally the most accessible and cheapest sources are used up so that new supplies become more costly.
D. their prices must rise at the average rate of inflation.
Answer: C
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In practice, taxes on emissions of pollutants have been found to
A. be ineffective in encouraging firms to pollute less. B. significantly reduce pollution by taxed firms. C. be less reliable in reducing pollution than direct controls on pollution. D. cause failures of the pricing system.
An industry with a horizontal long-run supply curve is called a(n) ________ industry.
A. decreasing-cost B. decreasing-profit C. increasing-cost D. constant-cost
The diagram above illustrates the pattern of:
A. Business cycles
B. Wage movements over time
C. Price level movements
D. Economic growth patterns
One of the serious drawbacks of the deposit insurance system in the United States is that:
A. the system took away the Federal Reserve's ability to change reserve requirements. B. if insured intermediaries make many bad loans, the taxpayers may be responsible for covering the losses. C. the system took away the Federal Reserve's ability to conduct open-market operations. D. bank failures continue to occur regularly.