Tradable emission permits
A. do nothing to increase efficiency.
B. prevent industries from polluting, regardless of how beneficial their goods are to society.
C. allow polluters to keep polluting while paying no price.
D. encourage polluting companies to look at the value of reducing pollution, just as they look at the value of increased production.
Answer: D
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The arguments of Kessel and Alchien (1959) on the terms of trade and the question of "who paid for the Civil War (1861–1865)" conclude that 40 percent of the war's burden fell on
(a) those who exported manufactures. (b) those who purchased imports. (c) farmers alone. (d) the economy as a whole.
Ben N. Jerry prefers to keep his $10,000 retirement savings buried in the backyard. After an increase in the price level, Ben reduces the amount of goods and services he wants to purchase. Ben's rationalization, that now his retirement savings won't buy as much, is consistent with which explanation of the aggregate demand curve's negative slope?
a. the interest rate effect b. the open economy effect c. the inflation effect d. the wealth effect
A network linking eight users is typically:
A. more than four times as valuable as a network linking two users. B. less likely to exhibit bottlenecks than a network linking two users. C. four times as valuable as a network linking two users. D. less than four times as valuable as a network linking two users.
Demand is elastic if the consumer has only a few substitutes to choose from.
Answer the following statement true (T) or false (F)