Which of the following is a benefit of cleaner air and water that is difficult to quantify?
a. Increased property values
b. Gains in the tourism industry
c. Benefits to farming and fishing
d. Better health for someone with asthma
d. Better health for someone with asthma
Some of these benefits, such as gains to tourism or farming, are relatively easy to value in economic terms. It is harder to assign a monetary value to others, such as the value of clean air for someone with asthma.
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Kate and Alice are small-town ready-mix concrete duopolists. The market demand function is Qd = 20,000 - 200P, where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $80 per cubic yard. The Cournot model describes the competition in this market. What is the market price in the Nash equilibrium?
A. $80 B. $86.67 C. $100 D. $93.34
The most basic cause of unemployment in the United States is that
A) the natural rate of unemployment is much higher than zero. B) we are most of the time producing a real GDP below the natural real GDP. C) we are suffering from low productivity growth. D) we are converting from a predominantly industrial to a predominantly service-based economy. E) policymakers are constantly trying to hold down inflation.
Analyze the following statement: "I know the fact that prices have started to rise rapidly seems like bad news, but at least prices starting to go up means that output must be starting to go up as well."
What will be an ideal response?
Multiplier effects occur when there is a change in spending which does not depend on income. Spending which does not depend on income is referred to as
A) coincident spending. B) nominal spending. C) autonomous expenditures. D) induced expenditures.