The automobile emission standards in the United States are established by
a. automobile producers
b. efficient free markets
c. the Environmental Protection Agency (EPA)
d. automobile owners because they are free to buy whatever gasoline they want
e. international standards designed by the United Nations
C
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If the growth rate of real GDP and the rate of inflation in an economy are 2% and 1% respectively, the growth rate of nominal GDP in the economy must be:
A) 3%. B) 1%. C) 5%. D) 2%.
Why is the price of a scarce exhaustible resource in a competitive market above the marginal cost of providing a unit of the resource?
What will be an ideal response?
A shortage will occur when
A) the price equals the market clearing level. B) the price is above the market clearing level. C) there is an excess quantity supplied. D) the price is below the market clearing level.
In industries where government regulates price, individual firms often engage in product differentiation.
Answer the following statement true (T) or false (F)