In response to the climate change issue, President Obama
a. pledged to reduce the nation’s GHG emissions by 17 percent below 2005 levels by 2020
b. has vetoed all environmental bills that do not include a cap-and-trade program
c. implemented a national carbon tax effective in 2012
d. committed the United States to participating in the EU ETS, starting in 2012
a. pledged to reduce the nation’s GHG emissions by 17 percent below 2005 levels by 2020
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Refer to Figure 5-4. What is the deadweight loss from producing at the market equilibrium?
A) area D B) area E C) area C D) area F
Suppose the market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, both measured in millions of gallons of ice cream per year. Suppose the government imposes a $0.50 tax on each gallon of ice cream. The government revenue raised by the tax is:
A. $944,444. B. $2.67 million. C. $1.83 million. D. $4.50 million.
Suppose you observed firms' inventory stocks drop by $100 billion. If you knew that aggregate expenditure was $3,000 billion, what would GDP be?
a. $3,000 billion b. $2,000 billion c. $2,900 billion d. $1,000 billion e. $3,100 billion
When a certain monopoly sets its price at $8 it sells 64 units. When the monopoly sets its price at $10 it sells 60 units. The marginal revenue for the firm over this range is
a. $11. b. $22. c. $33. d. $44.