What is the major neoclassical assumption?
a. Prices are flexible.
b. Prices are sticky.
c. Prices are rigid.
d. Prices do not change.
a. Prices are flexible.
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A performance-based standard
a. specifies a pollution limit and lets polluters select the technology to achieve that limit b. is less flexible than a technology-based standard c. designates the equipment or control method to be used for pollution abatement d. none of the above
Discuss the Corn Laws and their purpose
What will be an ideal response?
Under which of the following scenarios would a park be considered a public good?
a. Visitors to the park must pay an admittance fee, but there are always plenty of empty picnic tables. b. Vistors to the park must pay an admittance fee and frequently all of the picnic tables are in use. c. Visitors can enter the park free of charge and there are always plenty of empty picnic tables. d. Visitors can enter the park free of charge, but frequently all of the picnic tables are in use.
The phrase "sticky prices" refers to the prices of:
A. consumer goods not adjusting to the price level. B. more durable goods "sticking," and not adjusting to the price level. C. some output taking longer to adjust to the price level than the inputs used to create it. D. some inputs taking longer to adjust to the price level than the output it creates.