Answer the following statement(s) true (T) or false (F)
1. The Water Quality Act of 1987 embodies revisions to the Clean Water Act of 1977.
2. The Coastal Zone Act Reauthorization Amendments (CZARA) addressthe development of coastal nonpoint pollution control programs.
3. In the wake of the BP Deepwater Horizon oil spill in the Gulf of Mexico, President Obama signed the Oil Pollution Control Act.
4. The Clean Water Act’s zero discharge goal was met in 1985.
5. The Clean Water Act’s no toxics in toxic amounts goal can be justified on economic grounds.
1. True
2. True
3. False
4. False
5. False
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Which of the following statements is true?
A) A decrease in demand causes equilibrium price to fall; the decrease in price then results in a decrease in quantity supplied. B) If both demand and supply increase, there must be an increase in equilibrium price; equilibrium quantity may either increase or decrease. C) If demand decreases and supply increases one cannot determine if equilibrium price will increase or decrease without knowing which change is greater. D) A decrease in demand causes a decrease in equilibrium price; the decrease in price causes supply to decrease.
A firm experiencing constant economies of scale will have a long-run average cost curve that is:
a. upward sloping b. vertical c. downward sloping d. horizontal
Between 1961 and 1972, the federal government spent as much on ______ as it did on building highways.
A. welfare B. space exploration C. Medicare D. crop subsidies
An example of a microeconomic decision is a situation in which
A. a government contemplates buying foreign currencies in an effort to influence exchange rates and the country's demand for goods and services. B. a firm evaluates how much to reduce the price of its product in an effort to influence sales and boost its profits. C. a central bank considers how much to increase the money supply during the coming month in an effort to constrain the rate of inflation. D. Congress and the president seek to reach a compromise on how much to increase government spending in an effort to influence national expenditures.