When a park is funded by visitors, but not by taxpayers in general,
a. there will be too few parks because most people simply will not pay to use a park.
b. visitors will be better served because poor service would lead to reductions in revenues.
c. maintenance in the park will suffer because budgets will decline.
d. we cannot predict what will happen because park funding by visitors has not been tried before.
B
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The cost of education, professional athletes’ pay, and medical services rise faster than the rate of goods and services because their average productivity has remained the same.
Answer the following statement true (T) or false (F)
Pizza is a normal good. In the above figure, the shift in the demand curve from D to D2 can be the result of
A) a decrease in the price of soda, a complement to pizza. B) an increase in the price of hamburgers, a substitute for pizza. C) a decrease in income. D) a study that shows that pizza is a very healthy food. E) an increase in the cost of producing pizza.
How does Adam Smith's idea of the "invisible hand" apply to the various parts, made by many different manufacturers in many different countries, that are used by Apple to produce an iPad?
What will be an ideal response?
If more and better technology is used for producing wheat in the United States than in a lesser-developed country, then the:
a. MRP of the U.S. workers will be higher than the MRP of the workers in the lesser-developed country. b. MRP of the U.S. workers will be lower than the MRP of the workers in the lesser-developed country. c. demand for the U.S. workers will be lower than the demand for the workers in the lesser developed country. d. price of wheat will be higher in the United States than in the lesser-developed country. e. wages of the U.S. workers will be lower than the wages of the workers in the lesser-developed country.