What determines the demand for a nonrenewable natural resource?
What will be an ideal response?
The demand for a nonrenewable natural resource depends on the resource's value of marginal product and the expected future price of the resource.
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In the United States for the year 2014, the federal government had a ________ so the national debt was ________
A) budget deficit; increasing B) balanced budget; not changing C) budget surplus; decreasing D) budget deficit; decreasing E) budget surplus; increasing
The marginal product of capital (MPK) can be calculated from the following ________
A) the capital share of income and the average output per unit of capital B) the capital share of income and average capital per worker C) output and capital D) the capital share of income and output E) none of the above
A monopolist maximizes profit:
a. by charging the highest possible price on the demand curve. b. by charging a price that equals its marginal cost. c. by producing a level of output where the average-cost curve intersects the demand curve. d. by producing a level of output where marginal revenue equals marginal cost. e. by charging a price equal to its average total cost.
International trade can be correctly considered as an example of a zero-sum game.
Answer the following statement true (T) or false (F)