People who disagree vehemently about whether or not it is efficient to clear-cut forests or strip-mine for coal are basically disagreeing about
A) the importance of material wealth.
B) the importance of the economy.
C) the proper relationship of human beings to the natural world.
D) who should have which rights.
D
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When the absolute price elasticity of demand equals 0.67, demand is
A) elastic. B) unit-elastic. C) inelastic. D) undetermined without more information.
Determining the most socially desirable level of income equality or inequality
a. is done through markets, rather than by the government b. is done directly by firms c. involves normative economics d. involves evaluation of public goods e. involves evaluation of all externalities, both positive and negative
All are examples of government purchases that would be included in GDP except:
A. pencils for the employees of the FBI to use. B. the salaries of those in the military working in California. C. replacement calculators for the Congressional Budget Office. D. salaries paid by government to foreign contractors in Iraq.
If the firms in a competitive price-searcher market are suffering short-run losses, which of the following will occur in the long run?
a. New firms will enter the industry. b. Customers of firms that leave the industry will switch to remaining firms. c. Firms that remain in the industry will face reduced demand. d. Firms will continue to incur losses.