The EPA estimates that only 10 percent of the current air and water pollution can be eliminated with known and available technology.
Answer the following statement true (T) or false (F)
False
The EPA estimates that 95 percent of current air and water pollution could be eliminated by known and available technology.
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A closed economy refers to an economy with
A) no immigration. B) tariffs and import quotas. C) government control of all factors of production. D) no international trade.
Suppose Spam is an inferior good. If the U.S. economy hit bad times, and demanders' incomes were to fall, which of the following would tend to occur?
A) Spam sales would increase. B) Spam demand would decrease. C) The price of Spam would increase. D) Both A and C above. E) Both B and C above.
A monopoly creates no deadweight when it maximizes its profit
Indicate whether the statement is true or false
The cost incurred from the production of an additional unit of a product
A) is called a loss. B) is called opportunity cost. C) must be zero for a firm to be efficient. D) is a marginal cost to the firm.