When estimating incremental environmental costs, the survey approach
a. relies on expert knowledge about abatement technology
b. is a more direct means of gathering abatement cost data than the engineering approach
c. finds the level of abatement expenditures based on least-cost technology
d. suffers from no inherent biases associated with polluting sources
b. is a more direct means of gathering abatement cost data than the engineering approach
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If nominal wages are downwardly rigid, a countercyclical policy during a recession leads to ________
A) a fall in consumption B) an increase in tax rates C) an increase in employment D) a fall in investment
In the simplest version of the Cournot model, we assume the firms
A) set price independently and simultaneously. B) set quantities independently and sequentially. C) sell identical products. D) the firms are in a Nash equilibrium.
Holding other things constant, an appreciation of the US Dollar to the Chinese Yuan might cause the demand for Yuan to _____________ and the supply for Yuan to __________
a. Increase; decrease b. Increase, increase c. Decrease; Increase d. Decrease; Decrease
Which of the following statement is false based on information presented in the textbook?
A) There is evidence of a shortage in the market for kidneys (for transplants). B) The waiting list for transplanted kidneys is used as a non-price rationing device. C) There is a price ceiling in the market for transplanted kidneys at a price of $0. D) In the market for transplanted kidneys the legal price is the same as the equilibrium price. E) ?It is currently unlawful to buy or sell kidneys at any positive price.