The market mechanism provides a financial incentive for firms to minimize the pollution they create.
Answer the following statement true (T) or false (F)
False
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Elizabeth just finished a long run. The first glass of water was amazing, the second was good but not as good, and after the third she doesn't want any more. This is an example of what concept?
a. consumer surplus b. law of diminishing marginal utility c. elasticity of demand d. law of equilibrium
Consumer surplus is difference between the ________ a consumer would pay for a given quantity of a good and what the consumer ________ pays
a. least; actually b. least; wants c. most; actually d. most; wants
For a closed economy, GDP is $18 trillion, consumption is $13 trillion, taxes are $2 trillion and the government runs a deficit of $1 trillion. What are private saving and national saving?
a. $3 trillion and $1 trillion, respectively b. $3 trillion and $2 trillion, respectively c. $2 trillion and $3 trillion, respectively d. $2 trillion and $2 trillion, respectively
In 1941 Henry Luce coined the term ______________________ to describe the magnitude of America's economic and military prowess.
Fill in the blank(s) with the appropriate word(s).