The exclusive privilege to use an asset is called a(n)
A) property right.
B) exclusive use agreement.
C) property privilege.
D) right to work privilege.
A
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A firm's short-run average cost curve is U-shaped. Which of these conclusions can be reached regarding the firm's returns to scale?
A) The firm experiences increasing returns to scale. B) The firm experiences increasing, constant, and decreasing returns in that order. C) The firm experiences first decreasing, then increasing returns to scale. D) The short-run average cost curve reveals nothing regarding returns to scale.
All of the following are major greenhouse gases (GHGs), EXCEPT
a. carbon dioxide (CO2) b. methane (CH4) c. nitrous oxide (N2O) d. volatile organic compounds (VOCs)
Professor Plum, who earns $100,000 per year, read in the paper today that the university pays its basketball coach one million dollars per year in exchange for his agreement to remain at the university for at least three more years. The coach earns more than Professor Plum because:
A. the demand for sporting events exceeds the demand for college degrees. B. universities value sports more than academics. C. the coach has more human capital than does Professor Plum. D. the coach is able to earn economic rent due to his unique talents.
M1 consists of
A) currency only. B) currency plus travelers checks only. C) currency plus checkable deposits only. D) checkable deposits only. E) none of the above