Americans are creating an enormous amount of solid waste daily—over 4 pounds per person per day. How is the United States coping with this extraordinary problem?
What will be an ideal response?
Fortunately, recycling rates are rising to meet this rising tide of garbage. The Environmental Protection Agency estimates that the rate at which materials in the municipal solid waste stream were recycled rose to 33 percent in 2008, which represents an increase of 200 percent. The situation has been aided by rising prices of recycled materials as manufacturers have employed the technology available for recycling.
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Which of the following is a reason why IBM decided to provide consulting services rather than manufacturing machines?
A) It had a comparative advantage in providing consulting services. B) It had a comparative advantage in manufacturing machines. C) Manufacturing of machines generated a positive. D) Manufacturing of machines generated a negative.
If MRP > MLC, the firm
a. is employing the optimal quantity of labor b. should decrease the quantity of labor it employs c. should lower the wage rate d. should increase the quantity of labor it employs e. should raise the wage rate
The supply curve that monopsonists face is different from the supply curves that firms in competitive labor markets face because with a monopsony,
a. many more workers are hired to produce the larger amount of output b. the supply curve of labor is relatively flat c. offering a wage lower than the market wage means having no workers d. the employer faces the market supply curve of labor e. the firm takes the market wage rate as given
A speculative bubble occurs when asset prices:
A. grow slowly because the economy is in a slump. B. grow rapidly due unrealistic expectations about further price growth. C. fall rapidly due to realistic expectations about further price declines. D. don't change because investors are uncertain about the future of the economy.