Refer to Figure 4-4. The figure above represents the market for iced tea. Assume that this is a competitive market. If the price of iced tea is $3
A) the quantity demanded is economically efficient but the quantity supplied is economically inefficient.
B) too many consumers want to buy iced tea.
C) the quantity supplied is greater than the economically efficient quantity.
D) economic surplus is maximized.
C
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With the debris of more than 50 years of climbing on the beautiful high slopes – oxygen canisters, tents, backpacks and even some bodies – Mount Everest has been called the world's highest garbage dump
It has been suggested that there should be a limited number of climbers allowed on the mountain each year to limit the environmental degradation that occurs. This method of achieving efficient use of a common resource is most like A) a property right. B) an individual transferable quota. C) a production quota. D) a marginal social benefit right.
On average, college graduates earn significantly more income than those with less education and the disparity tends to widen into middle age
a. True b. False
If population growth is greater than the growth of real output
A. the production possibilities curve is shifting to the left. B. real per capita Gross Domestic Product (GDP) growth will be less than the growth of real Gross Domestic Product (GDP). C. real per capita Gross Domestic Product (GDP) and real Gross Domestic Product (GDP) will be growing at the same rate. D. real per capita Gross Domestic Product (GDP) growth will be greater than the growth of real Gross Domestic Product (GDP).
Environmental problems in China
A) increase pressure for decentralization of power and authority from the ruling Communist party. B) are not recognized by local Chinese interests, but get large amounts of attention from global activists. C) are improving at a rapid pace in Chinese urban areas. D) are generally not an issue domestically or globally.