The EU Emission Trading Scheme created a market for
A) permits to emit greenhouse gases.
B) crude oil.
C) wind energy.
D) devices that lower the global temperature.
Answer: A
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A steelmaking plant pollutes the air and water so __________
A. the marginal social cost of producing steel exceeds the marginal private cost by the amount of the marginal external cost B. the marginal social cost of producing steel is less than the marginal private cost by the amount of the marginal external cost C. the marginal private cost of producing steel equals the marginal ex-ternal cost plus the marginal social cost D. the marginal private cost of producing steel minus the marginal social cost equals the marginal external cost
When the tax rate increases, the tax revenue
A) always increases. B) does not change. C) always decreases. D) may increase or decrease.
Which of the following statements about economic methodology is correct?
a. An economic law is a cause-and-effect relationship that has been verified by a controlled experiment. b. The test of a theory's validity is its usefulness in explaining reality. c. An economic law is a statement about group behavior that is based on the observed behavior of a single individual. d. An economic law, because it is based on probabilities, can only be expected to be true about half the time. e. Assumptions are ignored in the development of hypotheses.
Deadweight loss measures the loss in society's welfare that occurs because a monopolist can earn profits without the concern of new firms entering its industry
a. True b. False Indicate whether the statement is true or false