Which of the following best describes the typical growth pattern of trees for logging?
A. Trees grow slowly at first, then grow exponentially until cut down.
B. Trees grow quickly at first, then continue to grow at a declining rate.
C. Trees grow quickly at first, then plateau for a time before resuming an exponential growth
pattern.
D. Trees grow slowly at first, quickly in the middle years, and then at a diminishing rate into
old age.
Answer: D
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Though large firms have the knowledge and resources to utilize a better pricing strategy, many choose to use cost-plus pricing. One reason for this is that
A) large firms do not have to maximize their profits because they face little competition from other firms. B) firms often adjust the markup they charge to reflect current demand. C) there is less risk of violating antitrust laws if a cost-plus pricing strategy is used rather than a profit-maximizing pricing strategy. D) the additional revenue that would result from a profit-maximizing pricing strategy is an insignificant fraction of the firms' revenues.
GDP overstates the productive capacity of a country when:
a. economic bads like pollution are produced and then must be cleaned up. b. there is a sizable underground economy. c. nonmarket production represents a large portion of the economy. d. working conditions improve, allowing jobs to be completed safer and faster.