The hot spot problem is:
A. the U.S. obtains the majority of its oil supplies from politically unfriendly countries.
B. some air pollutants such as sulfur dioxide have a greater effect nearby than further away.
C. some air pollutants such as carbon dioxide have an equal effect nearby and further away.
D. nuclear plants heat up nearby water, causing a decline in the native fish population.
Answer: B
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With a good on each axis, the production possibilities frontier is downward-sloping, which suggests
A) there is no limit to the amount of each good that can be produced. B) the production of one good ultimately means sacrificing production of the other. C) there are no opportunity costs of producing either of the goods. D) All of the above are true.
In general, the amount people pay for insurance is:
A. lower than its expected value. B. higher than its expected value. C. higher than its future value. D. lower than its present value.
Which of the following best defines supply?
a. the amount of a good that producers want to sell at a particular price b. the amount of a good that consumers will buy c. the amount of a good that producers are willing and able to sell at each possible price, other things constant d. the amount of a good that producers are willing to sell at each possible price, other things constant e. the amount of a good that producers are willing and able to buy at each possible price, other things constant
Which statement is true?
A. Private business firms are illegal in China. B. In China today, there is strict adherence to the communist credo, "From each according to his ability, to each according to his needs." C. Major economic reforms in China in the late 1970s and early 1980s created a much more market oriented economy than a centrally planned one. D. None of the statements are true.