Answer the following statement(s) true (T) or false (F)
1. Along the TSC curve, the incremental cost associated with increasing abatement from A1 to A2 is found as the vertical distance between the TSC at A1 and TSC at A2.
2. According to the survey approach, abatement spending is estimated based on the lowest-cost technology available.
3. When abatement expenditures are estimated in accordance with the input provided directly from polluting sources, that estimation method is known as the direct approach.
4. The engineering approach is difficult to use for proposed environmental initiatives because of uncertainty about future prices, the availability of raw materials, and expected costs.
5. An advantage of the survey approach is that the estimates are derived from external experts.
1. True
2. False
3. False
4. True
5. False
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How does the aggregate supply curve differ from a supply curve for, say, bananas?
What will be an ideal response?
The long-run aggregate supply curve:
A. is affected by the price level. B. never moves. C. shifts right when the economy experiences economic growth. D. shifts left when the economy experiences economic growth.
The growth rate in potential GDP is equal to the growth rate in the population
a. True b. False Indicate whether the statement is true or false
Pollution from a privately owned factory that seriously harms a privately owned forest will, if property rights are strongly protected,
a. not result in penalties to the polluter, who has a right to use his property as he wishes. b. make the polluter liable for any damages done to the forest. c. be ignored under the law, in favor of the polluting factory owner. d. never occur.