Which of the following statements is INCORRECT?
a. The United States is a signatory of the Montreal Protocol.
b. The production of CFCs has been banned in the U.S.
c. Even after the phaseout deadline, the excise tax on CFCs is still in place.
d. Volatile organic compounds (VOCs) are used as a substitute for CFCs.
d. Volatile organic compounds (VOCs) are used as a substitute for CFCs.
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Country A has a more equal distribution of income than country B if
A) country A's Lorenz curve is closer to the line of equality than is country B's Lorenz curve. B) country B's Lorenz curve is closer to the line of equality than is country A's Lorenz curve. C) country A's Lorenz curve is just as close to the line of equality as is country B's Lorenz curve. D) None of the above because it is impossible to compare income inequalities across countries.
Patent trolls ________
A) are paid by innovative firms to the federal government B) buy up patents then attempt to extract large payments from firms using similar technology C) develop new machines and machine processes in small-scale firms, rather than large corporations D) can evolve into natural monopolies
When the wage increases, the substitution effect in the household's choices leads to
A) a decrease in consumption and leisure. B) a decrease in consumption and an increase in leisure. C) an increase in consumption and a decrease in leisure. D) an increase in consumption and leisure.
An example of a service counted in this year's GDP is
a. buying shampoo to give your pet a bath b. cleaning your house c. trimming your own hair d. hiring a gardener to weed your garden e. polishing your friend's car as a friendly gesture