Answer the following statement(s) true (T) or false (F)
1. Most studies suggest the economic effects of climate change on the U.S. economy will be relatively small.
2. The U.S. federal government has enacted a nationwide carbon tax to reduce carbon dioxide emissions.
3. According to the U.S. Supreme Court, greenhouse gases are a pollutant, as defined by the Clean Air Act.
4. In the EU-ETS allowance market, the price of an allowance can be affected by the state of the economy.
5. Renewable energy certificates are market instruments that represent the displacement of power generated by fossil fuels, an outcome that helps to reduce GHG emissions.
1. True
2. False
3. True
4. True
5. True
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Personal consumption expenditures include:
a. all commodities that business firms buy. b. the purchase prices paid for stocks and bonds by individual households. c. the construction of residential housing. d. all goods and services bought by households. e. the corrected value of housewives' services.
When the production possibilities curve is bowed out, resources are
a. equally well-suited to production of both goods. b. not being used efficiently. c. not equally suited to the production of both goods. d. available in larger and larger quantities as more of one good is produced.
Figure 9-2
The economy depicted in is
a.
operating at less than full employment.
b.
operating at more than full employment.
c.
in short-run equilibrium but not long-run equilibrium.
d.
in long-run equilibrium.
Prices in a market economy perform a rationing function because they reflect
A. the extent to which the goods are necessities. B. the relative scarcity of the goods. C. the strength of the supply curve. D. the demand of all buyers in the market.