Environmentalists, politicians, and economists have different perspectives on what constitutes appropriate environmental policy. Which of the following statements was probably made by an economist?
a. "We take the position that there are rights involved here, rights to be protected from threats to your health, regardless of the costs involved."
b. "Protecting the environment is so important that standards cannot be too high, and continuing improvements must be made regardless of cost."
c. "Pollution is a moral issue that cannot be reduced to dollars and cents."
d. "Clean air and water are things we can buy-if the price is right."
d
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In the above figure, if the price level is 150
A) total planned production exceeds total expenditures. B) total planned production is less than total expenditures. C) total expenditures exceed total planned expenditures. D) total planned production equals total expenditures.
Suppose the production of cotton causes substantial environmental damage because the pesticides used by cotton farmers often make their way into nearby rivers and streams, and are very harmful to fish and other wildlife. Economists would consider the environmental damage that results from the production of cotton to be a(n):
A. relevant cost of production only if the environmental damage negatively affects other firms. B. relevant cost of production only if cotton farmers are charged a fine for the damage done. C. relevant cost of production. D. implicit cost of production that cotton farmers will take into account when determining their profit-maximizing level of output.
Suppose you are offered a concert ticket in exchange for four hours of your work in your friend's garden. This is an example of
A. money as a standard of deferred payment. B. money as a medium of exchange. C. barter. D. money as a store of value.
Each of the following is an example of a restrictive covenant on a mortgage loan, except:
A. requiring that the borrower reside in a home for which he or she receives a mortgage. B. requiring the borrower to obtain comprehensive health insurance. C. net worth requirements. D. insisting the borrower carry physical damage insurance on the property securing the loan.