100 shares of stock in General Motors is considered which type of resource?
A. land
B. labor
C. capital
D. It is not a resource.
Answer: D
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Two firms, Industrio and Capitalista, have access to five production processes, each of which has a different cost and gives off a different amount of pollution. The daily costs of the processes and the corresponding number of tons of smoke emitted are shown in the table below. Both firms currently use process A, and each emits 4 tons of smoke per day. The government is considering two plans to reduce pollution: requiring both firms to reduce pollution by 25 percent or auctioning pollution permits. Each permit would entitle the owner to emit one ton of smoke per day. Without a permit, no smoke can be emitted. Process(smoke/day) A(4 tons/day) B(3 tons/day) C(2 tons/day) D(1 ton/day) E(0 tons/day) Cost to Industrio ($/day) $350$400$500$700$1,000 Cost to Capitalista
($/day) $225$250$290$400 $600If neither firm had any permits, Industrio would be willing to pay up to ________ for the right to emit 1 ton of smoke, and Capitalista would be willing to pay up to ________ for the right to emit 1 ton of smoke. A. $50, $50 B. $50; $25 C. $1000, $600 D. $300, $200
If the marginal propensity to save is 0.20, then the value of the tax multiplier is
A) -5. B) -4. C) 5. D) 1.2.
In order to meet a deficiency of required reserves, a bank could: a. buy securities
b. deposit vault cash with the Fed. c. turn some of its deposits at the Fed into cash. d. close some checking accounts. e. borrow from another bank in the federal funds market.
Assume that the producers of an input have substantial economies of scale in their production process. This input is purchased mainly by a group of firms in a perfectly competitive market that is initially in long-run equilibrium. After all long-run adjustments are made, which of the following would occur in the competitive output market as a result of shift in consumer tastes toward that
market's product? a. The market price would fall; the market quantity would rise. b. The market price would rise; the market quantity would fall. c. The market price would remain unchanged; the market quantity would fall. d. Both the market price and the market quantity would fall. e. Both the market price and the market quantity would rise.