The environmental Kuznets curve suggests that
a. the environment deteriorates with development
b. the environment deteriorates up to some level of GDP then improves
c. open economies have less environmental problems
d. low-income countries have more environmental problems
e. none of the above
B
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A sharp rise in the real value of stock prices, which is independent of a change in the price level, would best be an example of ________.
A. a change in the degree of excess capacity B. a change in real value of consumer wealth C. the interest-rate effect D. the real-balances effect
The small-country monopolist's free-trade equilibrium features a marginal revenue curve equal to __________ and coincident with _____________.
a. marginal cost; the consumer's demand curve for the product b. the world price; the new competitive demand curve for the firm c. one; profits d. imports at each price; the supply curve
In long-run perfectly competitive equilibrium, which of the following is false?
A) There is efficient, low-cost production at the minimum efficient scale. B) Economic surplus is maximized. C) Firms earn economic profit. D) Economies of scale are exhausted.
The re insurance market is characterized as having:
A. few buyers and sellers. B. many buyers and sellers. C. a few buyers and many sellers. D. many buyers and a few sellers.