Diversification cannot reduce market risk
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following is likely to yield the greatest consumer surplus?
a. a nugget of gold found in a rushing creek in Alaska b. a gold necklace on sale at 20 percent off original price c. a gold necklace on sale at 40 percent off original price d. a dip in the neighbor's pool, at no charge e. a gulp of water from an oasis in the Sahara desert after three days of thirst
If the percentage change in quantity demanded of a good is smaller than the percentage change in price, consumers are very price sensitive to the price change of the good
a. True b. False Indicate whether the statement is true or false
The maximum contaminant level (MCL) for a drinking water contaminant
a. is not enforceable b. is set using benefit-cost analysis since the enactment of the 1996 SDWA amendments c. is solely benefit based like the maximum contaminant level goals (MCLGs) d. is set to maximize the total social benefits (TSB) of abating that contaminant
Relative to nonunion wages, one reason union wages are
A. Lower is because unions exclude workers from the market, which hurts their ability to raise wages. B. Higher is because unions are more likely in capital-intensive industries where wages tend to be higher. C. Higher is because unions have workers that contribute more to society. D. Lower is because the percentage of the workforce that is unionized is declining.