Risk assessment involves
a. balancing the costs and benefits of environmental hazards.
b. an evaluation of the risk caused by exposure to an environmental hazard
c. minimizing the costs of meeting an environmental objective
d. eliminating all environmental risks
e. none of the above
b. an evaluation of the risk caused by exposure to an environmental hazard
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In the long run, the real interest rate is 3 percent, real GDP grows at 4 percent, velocity is constant, and the quantity of money grows at 8 percent. The nominal interest rate is
A) 7 percent. B) 12 percent. C) 10 percent. D) 8 percent. E) 6 percent.
The best measure of the standard of living is
A) real GDP per capita. B) real GDP. C) nominal GDP per capita. D) nominal GDP.
If the absolute value of the price elasticity of demand for a product is 1.5, and the price of a product increased 30 percent, then the quantity demanded will decline by
A) 45 percent. B) 20 percent. C) 5 percent. D) 10 percent.
When a nation experiences economic growth:
A) its production possibilities curve shifts outward. B) its production possibilities curve shifts inward. C) it has been able to reach full employment. D) it has moved to a more consumer-oriented position on its production possibilities curve.