Economic theory suggests that the standard of living of American workers would fall if the
a. knowledge and skills of workers improved, reducing the need for workers.
b. United States had more natural resources.
c. United States turned to more automated methods of production.
d. productivity of American workers declined.
D
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When the government uses a cap-and-trade approach in dealing with pollution, it
A) uses taxes in order to internalize the externalities caused by the pollution. B) imposes quantitative limits on the amount of pollution firms are allowed to generate. C) uses subsidies to encourage firms to use new technology that reduces pollution. D) distributes information to consumers and producers on how to reduce pollution.
Which of the following is not a correct characterization of the U.S. business cycle?
A) Employment is procyclical. B) Consumption is procyclical. C) Real wages are procyclical. D) Prices are procyclical.
The demand curve faced by the monopolist
A) has a constant price elasticity. B) is the industry demand curve. C) is identical to the firm's MR curve. D) is identical to the firm's TR curve.
An individual who is a risk lover
a. values a lottery at more than its expected value b. values a lottery at exactly its expected value c. values a lottery at less than its expected value d. tends to play lots of lotteries