How are pollution and GDP related?
A. only the harm from pollution is included in GDP
B. the value of produced goods that lead to pollution are counted in GDP and pollution is not counted
C. goods whose production creates pollution are not counted in GDP
Ans: B. the value of produced goods that lead to pollution are counted in GDP and pollution is not counted
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Assume that price is greater than average variable cost. If a perfectly competitive seller is producing at an output where price is $11 and the marginal cost is $14.54, then to maximize profits the firm should
A) continue producing at the current output. B) produce a smaller level of output. C) produce a larger level of output. D) There is not enough information given to answer the question.
According to the liquidity premium theory of the term structure, a slightly upward sloping yield curve indicates that short-term interest rates are expected to
A) rise in the future. B) remain unchanged in the future. C) decline moderately in the future. D) decline sharply in the future.
Scenario: Not-So-Free Freeland Freeland is a semi-closed economy whose government believes in protecting national identity and building a self-sustained economy. The government's priority is to protect local jobs and provide opportunities to Freeland's emerging industries to flourish without the threat of external competition. Freeland's efforts to provide opportunities to its emerging industries is an example of its ________.
a. economic motive b. culture motive c. political motive d. social motive
When a firm is awarded a patent, it is given monopoly rights to the production of that product for ________ years.
A. 10 B. 20 C. 30 D. 50