The purpose of the Clean Air Act (1970) was to:
A. control negative externalities.
B. improve competition across international markets.
C. reduce market power.
D. help make information easily obtainable for producers and consumers.
Answer: A
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Refer to Scenario 8-1. The value of each canoe in gross domestic product equals
A) $1,200. B) $800. C) $500. D) $400.
In a Cournot equilibrium, each firm chooses an output level that
a. maximizes joint profits. b. maximizes the price received. c. maximizes profits given what the other firm produces. d. maximizes revenue given what the other firm produces.
Some people argue that to prevent continued dependence on foreign oil, the United States should restrict imports of foreign oil and increase domestic production. What effects would such trade restrictions have on the market for oil in the United States?
What will be an ideal response?
When box lunches are handed out at an elementary school, Jimmy (who loves chocolate and hates raisins) gets a raisin cookie and Johnny (who hates chocolate and loves raisins) gets a chocolate chip cookie. This is an example of inefficiency in
a. output selection. b. production planning. c. product distribution. d. market segmentation.