If aggregate planned expenditure equals GDP, then
A) firms' inventories exceed planned inventories.
B) firms' inventories equal planned inventories.
C) firms' inventories are less than planned inventories.
D) firms' actual investment has no relationship to their planned investment.
E) firms do not have any inventories.
B
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In the figure above, using the midpoint method, the price elasticity of demand when the price falls from $8 to $7 is equal to
A) 2.50. B) 1.63. C) 0.40. D) 0.62. E) 1.00.
Smokers and loud talkers who ignore the external effects of their actions are being rational in the economic sense
a. True b. False
When economists say the quantity supplied of a product has decreased, they mean the:
a. supply curve has shifted to the left. b. supply curve has shifted to the right. c. price of the product has risen, and consequently, suppliers are producing more of it. d. price of the product has fallen, and consequently, suppliers are producing less of it.
Answer the following statement(s) true (T) or false (F)
1. For the first time in U.S. history, the EPA has set GHG emissions standards for passenger cars and light-duty trucks for model years 2012 through 2016 and for medium- and heavy-duty vehicles for model years 2014 through 2018. 2. Under the new GHG emissions standards for mobile sources, light-duty vehicles will have to achieve an average emissions level of 250 grams of carbon dioxide (CO2) for model year 2016. 3. The two new national programs aimed at improving fuel efficiency and reducing GHG emissions are strictly command-and-control with no market-based initiatives. 4. Under the Clean Air Act, the emissions controls on mobile sources were set using benefit-cost analysis.