If a resource is nonrenewable and we use 2 percent of its supply per year,
a. it will gradually be depleted
b. its supply will be constant regardless of use because it has the nonrenewability property
c. it will become renewable as its supply approaches zero
d. it could never be depleted because 2 percent of a diminishing supply is an increasing amount
e. it will decrease at a diminishing rate so that its supply will approach its initial quantity
A
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According to your text, when a surplus exists,
A) buyers compete with buyers. B) buyers compete with sellers. C) sellers compete with sellers. D) nobody has to compete because scarcity has been eliminated.
The incidence of a payroll tax
a. depends upon whether it is levied on the employer or employee. b. is the same whether it is levied on the employer or the employee. c. is more heavily on the employee as demand for labor becomes more elastic. d. is more heavily on the employer as demand for labor becomes less elastic.