Refer to the given data. How many workers will this profit-maximizing firm choose to employ?
Use the resource demand data shown on the left and the resource supply data on the right in answering the following question:
A. 6.
B. 5.
C. 4.
D. 3.
D. 3.
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Which of the following is true regarding this statement? "The president's decision to spend more money on national defense is smart."
A) This is a normative statement. B) The federal government does not face scarcity. C) This topic would be studied in microeconomics. D) Social interest must always be more important than self-interest. E) Ceteris paribus does not apply to the government.
The goods and services included in GDP are allocated to which of the following four major sectors?
a. consumption, investment, government purchases, and transfer payments. b. consumption, taxes, saving, and transfer payments. c. investment, government purchases, net exports, and military goods. d. consumption, investment, government purchases, and net exports.
A monopolist has four distinct groups of customers. Group A has an elasticity of demand of 0.8, B has an elasticity of demand of 0.9, C has an elasticity of demand of 1.0, and D has an elasticity of demand of 1.2. The group paying the highest price for the product will be
A. A. B. B. C. C. D. D.
Refer to Figure 5-7. Which of the following statements is true?
A) The optimal quantity of pollution reduction is QB. B) The optimal quantity of pollution reduction is QE. C) At QE the benefits of reducing pollution outweigh the cost of pollution reduction. D) At QB society is under allocating resources to pollution reduction.